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1607732

registered interest
date	27/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the number of people who will benefit from the removal of the pensions lifetime allowance in 2023-24.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	174177
answer	answer is ministerial correction date of answer 30/03/2023 answer text <p>Information on the abolition of the lifetime allowance can be found in the Pension Tax Limits Policy paper <a href="https://www.gov.uk/government/publications/abolition-of-lifetime-allowance-and-increases-to-pension-tax-limits/pension-tax-limits" target="_blank">Pension Tax Limits - GOV.UK (www.gov.uk)</a></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 30/03/2023 09:49:19 answering member 4874 label Biography information for Andrew Griffith
tabling member	178 label Biography information for John McDonnell

1606766

registered interest
date	23/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the cost to the public purse of proposals to abolish the lifetime allowance cap per worker who is incentivised not to retire early.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	172519
answer	answer is ministerial correction date of answer 29/03/2023 answer text <p>Information on the abolition of the lifetime allowance can be found in the Pension Tax Limits Policy paper <a href="https://www.gov.uk/government/publications/abolition-of-lifetime-allowance-and-increases-to-pension-tax-limits/pension-tax-limits" target="_blank">Pension Tax Limits - GOV.UK (www.gov.uk)</a></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 29/03/2023 10:40:39 answering member 4874 label Biography information for Andrew Griffith
tabling member	4799 label Biography information for Charlotte Nichols

1605000

registered interest
date	16/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will place in the House of Commons Library a breakdown of the estimated costs of increasing the Pension Annual Allowance from £40,000 to £60,000 and the charge removal and abolishing of the Pension Lifetime Allowance, as announced in the Spring Budget 2023, HC 1183, published on 15 March 2023, in each year of the forecast period broken down by individual tax and by different tax heads including (a) Income Tax, (b) National Insurance, (c) Inheritance Tax and (d) Capital Gains Tax.
tabling member constituency	Ealing North
tabling member printed	James Murray
uin	167246
answer	answer is ministerial correction date of answer 21/03/2023 answer text <p>Information on the estimated cost breakdown of increasing the Pension Annual Allowance and the abolition of the Lifetime Allowance will be published in the supplementary fiscal tables of the <a href="https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/" target="_blank">Economic and fiscal outlook</a> by the Office for Budget Responsibility at a later date.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/03/2023 17:36:10 answering member 4874 label Biography information for Andrew Griffith
tabling member	4797 label Biography information for James Murray

1604641

registered interest
date	15/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of how many people will benefit from the abolition of the lifetime allowance cap in (a) 2023-24, (b) 2024-25, (c) 2025-26, (d) 2026-27 and (e) 2027-28.
tabling member constituency	Kilmarnock and Loudoun
tabling member printed	Alan Brown
uin	166270
answer	answer is ministerial correction date of answer 20/03/2023 answer text <p>Information on the abolition of the lifetime allowance can be found in the Pension Tax Limits Policy paper <a href="https://www.gov.uk/government/publications/abolition-of-lifetime-allowance-and-increases-to-pension-tax-limits/pension-tax-limits" target="_blank">Pension Tax Limits - GOV.UK (www.gov.uk)</a></p><p> </p><p>Abolition of the Lifetime Allowance cap also provides certainty that money saved into a pension will not be subject to a cap on lifetime tax-relieved pension savings, even for those who may not currently be modelled as hitting it.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/03/2023 17:12:06 answering member 4874 label Biography information for Andrew Griffith
tabling member	4470 label Biography information for Alan Brown

1584694

registered interest
date	06/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to further review the annual allowance tax charge for those in receipt of a pension in (a) the aviation sector and (b) other sectors experiencing skill shortages in order to ensure that highly skilled workers are retained in those sectors.
tabling member constituency	North Ayrshire and Arran
tabling member printed	Patricia Gibson
uin	140260
answer	answer is ministerial correction date of answer 09/02/2023 answer text <p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2020/21 Income Tax and employer National Insurance Contributions relief cost £67.3 billion. The annual and lifetime allowances help to ensure that the highest earning pension savers do not receive a disproportionate benefit. 99 per cent of pension savers make annual contributions below £40,000, the level of standard annual allowance.</p><p> </p><p>All aspects of the tax system are kept under review as part of the annual Budget process, and in the context of the wider public finances.</p><p> </p><p>We are fully committed to supporting the aviation industry as it is vital to our future as a global trading nation as well as playing an important role in local economies. In May 2022, the Government published Flightpath to the Future - our strategic framework for the sector to build back better, make UK aviation cleaner, greener and more competitive than ever before. It also explores key issues including workforce and skills, recovery, global impact, innovation and decarbonisation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 09/02/2023 12:11:02 answering member 4874 label Biography information for Andrew Griffith
tabling member	4435 label Biography information for Patricia Gibson

1566041

registered interest
date	11/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the amount of money that can be withdrawn from a pension scheme tax-free in any one financial year.
tabling member constituency	Bristol North West
tabling member printed	Darren Jones
uin	121124
answer	answer is ministerial correction date of answer 18/01/2023 answer text <p>The government has increased the Personal Allowance (PA), the amount of income an individual does not have to pay income tax on, by over 40% in real terms since 2010. The PA at £12,570 is high by international standards – it is one of the most generous tax allowances in the OECD and highest in the G7.</p><p> </p><p>The government wishes to encourage personal saving, to help ensure that people have income, or funds on which they can draw, throughout retirement. This is why, for the majority of savers, pension contributions are tax-free.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/01/2023 07:52:56 answering member 4874 label Biography information for Andrew Griffith
tabling member	4621 label Biography information for Darren Jones

1535879

registered interest
date	25/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Cabinet colleagues and (b) stakeholders on reforming pension tax relief.
tabling member constituency	Leicester South
tabling member printed	Jonathan Ashworth
uin	71088
answer	answer is ministerial correction date of answer 01/11/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: <a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p><p> </p><p>At Summer Budget 2015 the Government conducted a consultation on whether there was a case for reforming pensions tax relief to strengthen incentives to save, and offer savers greater simplicity and transparency, or whether it would be best to keep with the current system. Responses to the consultation indicated that there was no clear consensus for reform at that time, and so at Budget 2016 the Government announced that it would not be making fundamental reform to the pensions tax system.</p><p> </p><p>As ever, the Government keeps all aspects of the tax system under review, as part of the annual Budget process, and in the context of the wider public finances.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 01/11/2022 14:18:35 answering member 4874 label Biography information for Andrew Griffith
tabling member	4244 label Biography information for Jonathan Ashworth

1460343

registered interest
date	26/04/2022
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, when her Department reviewed the (a) thresholds for and (b) amount of pension tax credit in each of the last five years; and what changes were made to those (i) thresholds and (ii) amounts at each of those reviews.
tabling member constituency	North West Durham
tabling member printed	Mr Richard Holden
uin	160564
answer	answer is ministerial correction date of answer 28/04/2022 answer text <p>It has not proved possible to respond to the hon. Member in the time available before Prorogation.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 28/04/2022 10:14:29 answering member 4142 label Biography information for Guy Opperman
tabling member	4813 label Biography information for Mr Richard Holden

1458968

registered interest
date	20/04/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how much revenue has been raised in each of the last five years as a result of the pensions annual allowance tax charge from (a) defined contribution and (b) defined benefit scheme members.
tabling member constituency	Delyn
tabling member printed	Rob Roberts
uin	156620
answer	answer is ministerial correction date of answer 25/04/2022 answer text <p>We do not hold the information requested. Annual Allowance (AA) tax charges can be reported via Accounting for Tax (AfT) returns which are completed by the scheme administrator, and via Self-Assessment (SA). Neither AfT nor SA returns require information on the type of pension scheme that the charge relates to. In addition to this, the AA applies to an individual’s pension accrual across all pensions held, which could cover both defined benefit and defined contribution schemes.</p><p> </p><p>However, HMRC publish data on the number and value of AA charges reported to us through AfT and SA, as well as the value of contributions exceeding the allowance. The AfT and SA columns are not mutually exclusive, the same case could appear in both columns. Individuals are required to report AA breaches through SA returns even if their scheme pays the charge and reports the breach through AfT returns. However, in practice individuals may be reported through AfT and not report themselves through SA, or vice versa, in error. The data for the last five available tax years is below:</p><p><strong> </strong></p><table><tbody><tr><td><p><strong>Tax Year</strong></p></td><td><p><strong>Number of Annual Allowance charges reported by the scheme through Accounting for Tax returns </strong></p></td><td><p><strong>Total value of Annual Allowance charges reported by the scheme through the Accounting for Tax returns (£ million)</strong></p></td><td><p><strong>Number of individuals reporting pension contributions exceeding their Annual Allowance through Self Assessment</strong></p></td><td><p><strong>Total value of pension contributions exceeding the Annual Allowance reported through Self Assessment (£ million)</strong></p></td></tr><tr><td><p>2015 to 2016</p></td><td><p>3,010</p></td><td><p>62</p></td><td><p>5,460</p></td><td><p>143</p></td></tr><tr><td><p>2016 to 2017</p></td><td><p>2,920</p></td><td><p>63</p></td><td><p>18,710</p></td><td><p>584</p></td></tr><tr><td><p>2017 to 2018</p></td><td><p>6,710</p></td><td><p>122</p></td><td><p>29,920</p></td><td><p>912</p></td></tr><tr><td><p>2018 to 2019</p></td><td><p>13,700</p></td><td><p>210</p></td><td><p>34,260</p></td><td><p>819</p></td></tr><tr><td><p>2019 to 2020</p></td><td><p>21,410</p></td><td><p>253</p></td><td><p>42,350</p></td><td><p>949</p></td></tr></tbody></table><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 25/04/2022 13:24:40 answering member 4051 label Biography information for John Glen
tabling member	4810 label Biography information for Mr Rob Roberts

1353770

registered interest
date	08/09/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate he has made of the cost to the public purse of private pension tax relief for (a) high rate and (b) additional rate taxpayers.
tabling member constituency	Easington
tabling member printed	Grahame Morris
uin	45101
answer	answer is ministerial correction date of answer 13/09/2021 answer text <p>Her Majesty’s Revenue &amp; Customs’ most recently published figures estimate Income Tax relief on contributions to private pensions totalled £30.5 billion in 2017-18 and it is estimated around 60% of this is relieved to Higher and Additional Rate taxpayers. HM Revenue &amp; Customs’ Personal Pensions: Contributions and Tax Relief Statistics are next due to be published on 30 September 2021.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/09/2021 12:47:02 answering member 4051 label Biography information for John Glen
tabling member	3973 label Biography information for Grahame Morris