§ Mr. Meacher
asked the Chancellor of the Exchequer if he will publish the estimated yearly tax relief payable on life assurance premiums and pension contributions in each financial year from 1979–80 to date.
§ Mr. Norman Lamont
[pursuant to his reply, 17 November 1986]: Latest estimates of the amount of relief given at source on life assurance premiums are as follows:
Life assurance premium relief at source £ million 1979–80 443 1980–81 546 1981–82 532 1982–83 586 1983–84 706 1984–85 733 1985–86 649 11986–87 580 1 Forecast.
Life assurance premium relief is available for premiums up to certain limits and any relief given at source in excess of these limits is reclaimed. It is estimated that the amount of relief to be reclaimed for 1986–87 is about £10 million.
Readily available estimates of the direct revenue costs of reliefs for pension contributions are available only for 1984–85 onwards and are as follows:
Direct revenue costs 1984–85 1985–86 1986–87 forecast £ million £ million £ million Relief for: Employees contributions to occupational pension schemes allowed as a deduction for income tax purposes 1,100 1,200 1,300 Employers contributions to occupational pension schemes allowed as a charge against profits for corporation tax purposes 11,900 11,900 11,900 Retirement annuity premiums 320 330 350 1 These estimates are particularly tentative.