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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 2013-14 was £34.3bn[1]<\/sup><\/sup>. Income tax on pensions in payment in the same year was £13.1bn, resulting in a net cost of pensions tax relief of £21.2bn in 2013-14.<\/p>

<\/p>

<\/p>

<\/p>

The proportion of the cost of income tax relief on pension contributions for varying income ranges and years, is provided in the table below.<\/p>

<\/p>
<\/td>

% of the cost of income tax relief on contributions<\/p><\/td><\/tr>

Income bands<\/p><\/td>

2009-10<\/p><\/td>

2010-11<\/p><\/td>

2011-12<\/p><\/td>

2012-13<\/p><\/td>

2013-14<\/p><\/td>

2014-15<\/p><\/td><\/tr>

Up to £19,999<\/p><\/td>

8%<\/p><\/td>

6%<\/p><\/td>

5%<\/p><\/td>

6%<\/p><\/td>

5%<\/p><\/td>

5%<\/p><\/td><\/tr>

Between £20,000 and £44,999<\/p><\/td>

31%<\/p><\/td>

32%<\/p><\/td>

35%<\/p><\/td>

37%<\/p><\/td>

37%<\/p><\/td>

36%<\/p><\/td><\/tr>

Between £45,000 and £74,999<\/p><\/td>

25%<\/p><\/td>

26%<\/p><\/td>

28%<\/p><\/td>

32%<\/p><\/td>

33%<\/p><\/td>

34%<\/p><\/td><\/tr>

Between £75,000 and £99,999<\/p><\/td>

7%<\/p><\/td>

8%<\/p><\/td>

8%<\/p><\/td>

10%<\/p><\/td>

10%<\/p><\/td>

10%<\/p><\/td><\/tr>

Between £100,000 and £149,999<\/p><\/td>

8%<\/p><\/td>

9%<\/p><\/td>

9%<\/p><\/td>

7%<\/p><\/td>

8%<\/p><\/td>

8%<\/p><\/td><\/tr>

£150,000 or more<\/p><\/td>

20%<\/p><\/td>

18%<\/p><\/td>

14%<\/p><\/td>

8%<\/p><\/td>

7%<\/p><\/td>

7%<\/p><\/td><\/tr>

All<\/p><\/td>

100%<\/p><\/td>

100%<\/p><\/td>

100%<\/p><\/td>

100%<\/p><\/td>

100%<\/p><\/td>

100%<\/p><\/td><\/tr><\/tbody><\/table>

<\/p>

<\/p>

<\/p>

Estimates are based on Surveys of Personal Incomes with projections for 2012-13 onwards. Projected years are subject to uncertainty.<\/p>

<\/p>

<\/p>

[1] This is published in HMRC National Statistics table PEN6, available here: https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief<\/a>
Figures for 2013-14 are the latest available.<\/p>

<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"} } , "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"} , "answeringMemberPrinted" : {"_value" : "Mr David Gauke"} , "dateOfAnswer" : {"_value" : "2015-03-23", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-03-23T16:16:29.403Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2015-03-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Pensions: Tax Allowances"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, how many recipients there were of higher-rate pension tax relief in each year since May 2010; and how much such relief was awarded in each such year.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3909", "label" : {"_value" : "Biography information for Pamela Nash"} } , "tablingMemberConstituency" : {"_value" : "Airdrie and Shotts"} , "tablingMemberPrinted" : [{"_value" : "Pamela Nash"} ], "uin" : "227910"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }