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165906
unstar this property registered interest false more like this
star this property date less than 2014-11-25more like thismore than 2014-11-25
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Pensions: Tax Allowances remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, with reference to the Answer of 20 February 2012 to Question 95617, what estimate he has made of the proportion of income tax relief on contributions accruing to individuals with an annual income of (a) up to £19,999, (b) between £20,000 and £44,999, (c) between £45,000 and £74,999, (d) between £75,000 and £99,999, (e) between £100,000 and £149,999 and (f) over £150,000 in (i) 2010-11, (ii) 2011-12, (iii) 2012-13, (iv) 2013-14 and (v) 2014-15. more like this
star this property tabling member constituency Cardiff South and Penarth more like this
star this property tabling member printed
Stephen Doughty more like this
star this property uin 215992 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2014-12-10more like thismore than 2014-12-10
star this property answer text <p>The proportion of the cost of income tax relief on pension contributions for the given income ranges, and years, is provided in the table below.</p><p> </p><table><tbody><tr><td> </td><td colspan="6"><p><strong>% of the cost of income tax relief on contributions</strong></p></td></tr><tr><td><p><strong>Income bands</strong></p></td><td><p>2009-10</p></td><td><p>2010-11</p></td><td><p>2011-12</p></td><td><p>2012-13</p></td><td><p>2013-14</p></td><td><p>2014-15</p></td></tr><tr><td><p>Up to £19,999</p></td><td><p>8%</p></td><td><p>6%</p></td><td><p>5%</p></td><td><p>6%</p></td><td><p>5%</p></td><td><p>5%</p></td></tr><tr><td><p>Between £20,000 and £44,999</p></td><td><p>31%</p></td><td><p>32%</p></td><td><p>35%</p></td><td><p>37%</p></td><td><p>37%</p></td><td><p>36%</p></td></tr><tr><td><p>Between £45,000 and £74,999</p></td><td><p>25%</p></td><td><p>26%</p></td><td><p>28%</p></td><td><p>32%</p></td><td><p>33%</p></td><td><p>34%</p></td></tr><tr><td><p>Between £75,000 and £99,999</p></td><td><p>7%</p></td><td><p>8%</p></td><td><p>8%</p></td><td><p>10%</p></td><td><p>10%</p></td><td><p>10%</p></td></tr><tr><td><p>Between £100,000 and £149,999</p></td><td><p>8%</p></td><td><p>9%</p></td><td><p>9%</p></td><td><p>7%</p></td><td><p>8%</p></td><td><p>8%</p></td></tr><tr><td><p>£150,000 or more</p></td><td><p>20%</p></td><td><p>18%</p></td><td><p>14%</p></td><td><p>8%</p></td><td><p>7%</p></td><td><p>7%</p></td></tr><tr><td><p>All</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td></tr></tbody></table><p> </p><p> </p><p> </p><p> </p><p> </p><p>Estimates are based on Surveys of Personal Incomes with projections for 2012-13 onwards. Historical estimates have been updated to take into account the latest outturn data and updated projections. Projected years are subject to uncertainty.</p><p> </p><p> </p><p> </p><p>The effect of the reductions in the Annual Allowance in 2011‑12 and Lifetime Allowance from 2012-13, as well as further reductions in both allowances in 2014-15 are reflected in the table. These restrictions mostly affect individuals with incomes over £150,000 hence the drop in share of tax relief for these individuals in latter years.</p><p> </p><p> </p><p>Increases in the Personal Allowance (from £6,475 in 2009-10 to £10,000 in 2014-15) cause a decline in the share of income tax relief going to those in the “Up to £19,999” income band. The higher personal allowance reduces the amount of income subject to tax for these individuals, hence also reduces their share of tax relief.</p>
star this property answering member constituency South West Hertfordshire more like this
star this property answering member printed Mr David Gauke more like this
star this property grouped question UIN 211726 more like this
star this property question first answered
remove filter
star this property answering member
1529
star this property label Biography information for Mr David Gauke more like this
star this property tabling member
4264
star this property label Biography information for Stephen Doughty more like this