Clause 207 - Individual's lifetime allowance and standard lifetime allowance

Part of Finance Bill – in a Public Bill Committee at 10:15 am on 17 June 2004.

Alert me about debates like this

Photo of Rob Marris Rob Marris Labour, Wolverhampton South West 10:15, 17 June 2004

It is extremely difficult for the Treasury to come up with that figure because of the long time

frame between when contributions are put in tax free, and when the money is taken out. The best estimate that the Department for Work and Pensions has been able to provide the Select Committee on which I sit is that the cost of tax relief is £14 billion a year and that the additional tax brought in down the line is about £8 billion. So the net annual cost is £6 billion.