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167900
unstar this property registered interest false more like this
star this property date less than 2014-12-04more like thismore than 2014-12-04
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 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government what is the current annual cost to the Exchequer of tax relief at the standard and higher rates of tax respectively on contributions to private pensions. more like this
star this property tabling member printed
Lord Beecham more like this
star this property uin HL3424 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 2014-12-19more like thismore than 2014-12-19
star this property answer text <p>Tax relief on pension contributions is the primary means by which the Government incentivises saving for retirement. The estimated exchequer cost arising from income tax relief on contributions made to private pensions and relief on the investment returns to private pensions in 2012-13 was £34.8bn<sup><sup>[1]</sup></sup>. Income tax on pensions in payment in the same year was £12.0bn, resulting in a net cost of pensions tax relief of £22.8bn in 2012-13.</p><p> </p><p> </p><p>[1] This is published in HMRC National Statistics table PEN6, available here: <a href="https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief" target="_blank">https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief</a> <br> Figures for 2012-13 are the latest available.</p><p> </p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-12-19T12:39:57.377Zmore like thismore than 2014-12-19T12:39:57.377Z
star this property answering member
4262
star this property label Biography information for Lord Deighton remove filter
star this property tabling member
4181
star this property label Biography information for Lord Beecham more like this