Work and Pensions written question – answered at on 12 October 2011.
To ask the Secretary of State for Work and Pensions what estimate he has made of the likely effect of auto-enrolment on the amount spent on pensions tax relief in each income decile in (a) 2012, (b) 2013, (c) 2014, (d) 2015 and (e) 2016.
The Department's estimate of the impact of tax relief on individual's pension contributions arising from automatic enrolment in each year between 2012-13 and 2016-17 is shown in Table 1. Information on the impact by income decile is not available.
Table 1: Estimated additional tax relief on employee pension contributions arising from automatic enrolment between 2012-13 and 2016-17 | |
Estimated cost of tax relief (£ million) | |
2012-13 | 5 |
2013-14 | 64 |
2014-15 | 138 |
2015-16 | 183 |
2016-17 | 489 |
Notes: 1. Estimates are derived from DWP modelling. 2. Estimates are expressed in 2011-12 levels and are rounded to the nearest £1 million. |
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