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Written question asked by Lord Field of Birkenhead (Crossbench) on Monday, 18 September 2023, in the House of Lords. It was due for an answer on Monday, 2 October 2023. It was answered by Baroness Penn (Conservative) on Monday, 2 October 2023 on behalf of the Treasury.

Pensions: Tax Allowances

Question

To ask His Majesty's Government what the total amount of tax relief on all pensions was for the last five years.

Answer

Information on estimates of Income Tax relief on pension contributions and investment income of pension funds can be found online in Table 6 of the Private pension statistics publication. Estimates for the tax years 2018 to 2019 to 2020 to 2021 have been reproduced in Table 1 below.

Table 1: Total pension Income Tax relief for tax years 2018 to 2019 to 2020 to 2021.

Tax year

Total pension Income Tax relief, £million

2020 to 2021

44,100

2019 to 2020

41,700

2018 to 2019*

38,200

*Improvements in the estimation methodology for the tax years 2019 to 2020 onwards mean that estimates for the tax year 2018 to 2019 are not directly comparable to those in later years.

Estimates for the 2021 to 2022 tax year will be published on 27th September 2023. Estimates for the 2022 to 2023 tax year will be published in Summer 2024.

HMRC does not hold complete information on whether contributions have been made to personal or occupational pension schemes.

Information on the National Employment Savings Trust is exempt from release by HMRC under the Commissioners for Revenue and Customs Act 2005 (CRCA).

Secondary information

Type
Written question
Reference
HL10229
Session
2022-23
Grouped for answer
Yes
Subjects
Pensions Tax allowances
Contains statistics
Yes
Link
View this Written question on www.parliament.uk