Mr. Jim Callaghan
asked the Chancellor of the Exchequer whether he will make a statement about the operation of the Inland Revenue limits for occupational pensions in relation to the contracting out provisions of the new State pension scheme.
§ Mr. Robert Sheldon
Yes. The maximum pension which may be provided by a tax-approved occupational pension scheme is, in general, two-thirds of the employee's final remuneration. The question has recently been under examination whether the ceiling for members of schemes which contract out of the State pensions scheme should be different from the ceiling for members of schemes which do not, so as to take into account their different levels of State pension benefit. The Government, having sought the views of the main bodies concerned and having given careful consideration to all the circumstances, have decided that there should be no change in the present position.
§ Mr. Shersby
asked the Chancellor of the Exchequer if he will publish in the Official Report in tabular form the amount of revenue from stamp duty on conveyances or property in each of the following price brackets: £15,000 to £20,000, £20,000 to £25,000, £25,000 to £30,000 and over £30,000 that has been received since he increased the rate of duty on 26th March 1974.
§ Mr. Denzil Davies,
pursuant to his reply [Official Report, 23rd February 1976; Vol. 906, c. 86], gave the following information:
Stamp duty on conveyances of property was increased with effect from 1st May 144W 1974, and receipt of duty in May 1974 will refer mainly to properties transferred before the effective date. The latest available information on the gross receipt of stamp duty at the new rates on conveyances of property in the United Kingdom is as follows:
£000 Price bracket June 1974 to March 1975 April 1975 to December 1975 (£000) 15–20 4,607 6,194 20–25 8,452 8,339 25–30 4,551 6,461 30 plus 35,035 39,053 Total 52,645 60,047