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Tax Allowances: Pensions

Volume 464: debated on Wednesday 17 October 2007

To ask the Chancellor of the Exchequer what estimate he has made of the cost of tax relief on pensions (a) in total and (b) for higher rate contributions in 2007-08. (158144)

As set out in the 2007 pre-Budget report, the annual cost of tax relief on approved pension schemes for 2007-08 is estimated to be £17.5 billion.

Detailed estimates covering the period 1998-99 to 2006-07 are available in table 7.9 on Her Majesty’s Revenue and Customs website at:

http://www.hmrc.gov.uk/stats/pensions/menu.htm

I also refer the hon. Member to the answer given to the hon. Member for Eastleigh (Chris Huhne) on 24 October 2005, Official Report, column 52W.