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1177108
registered interest false more like this
date less than 2020-02-07more like thismore than 2020-02-07
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Workplace Pensions: Tax Allowances more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government how much the Treasury provided in tax relief to UK pension schemes in each of the past ten years. more like this
tabling member printed
Baroness Altmann remove filter
uin HL1433 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-02-21more like thismore than 2020-02-21
answer text <p>HMRC publishes figures relating to tax relief for registered pension schemes in Table 6 of the publication series ‘Personal pensions: contribution and tax relief statistics’. Table 6 (published in 2019) contains information for the years 2012 to 2013 through 2017 to 2018. Please see below:</p><p> </p><table><tbody><tr><td><p>Year</p></td><td><p>Pension tax relief (net of tax received on pension income) (£m)</p></td></tr><tr><td><p>2012-13 <sup>r</sup></p></td><td><p>19,200</p></td></tr><tr><td><p>2013-14 <sup>r</sup></p></td><td><p>18,200</p></td></tr><tr><td><p>2014-15<sup> r</sup></p></td><td><p>17,900</p></td></tr><tr><td><p>2015-16 <sup>r</sup></p></td><td><p>20,700</p></td></tr><tr><td><p>2016-17 <sup>r</sup></p></td><td><p>18,900</p></td></tr><tr><td><p>2017-18 <sup>p</sup></p></td><td><p>19,000</p></td></tr></tbody></table><p> </p><p>The above figures reflect the net cost of tax relief on pension contributions and any investment growth within pensions, less the tax paid on payments from pension schemes to those accessing their pensions that year. Also, please note:</p><p>i. The figures are based on HMRC administrative data and information compiled from a variety of sources by the Office for National Statistics (ONS). Costs are subject to large revisions and have a particularly wide margin of error.</p><p>ii. The cost of the tax relief is calculated as the tax that would be paid on contributions to registered pension schemes presuming they were not registered and the payments were subject to the normal tax rules applying to individuals' remuneration. The estimates do not represent the yield from withdrawing tax relief as there would be significant changes in taxpayers' behaviour.</p><p>iii. Figures for tax liabilities on pensions in payment are now calculated using administrative taxpayer data on RTI payments made by pension schemes.</p><p> </p><p> </p><p>Historical figures relating to older years are available on the national archive (see relevant figures below), however due to substantial revisions to methodology, figures for these years are not comparable with 2012 to 13 onwards.</p><table><tbody><tr><td><p>Year</p></td><td><p>Pension tax relief (net of tax received on pension income) (£m)</p></td></tr><tr><td><p>2009-10</p></td><td><p>20,100</p></td></tr><tr><td><p>2010-11</p></td><td><p>24,000</p></td></tr><tr><td><p>2011-12</p></td><td><p>22,800</p></td></tr></tbody></table>
answering member printed Lord Agnew of Oulton more like this
question first answered
less than 2020-02-21T13:16:36.707Zmore like thismore than 2020-02-21T13:16:36.707Z
answering member
4689
label Biography information for Lord Agnew of Oulton more like this
tabling member
4533
label Biography information for Baroness Altmann more like this