§ 64. Sir William Darlingasked the Chancellor of the Exchequer what would be the approximate yield of a 1 per cent. sales tax on all commodity transactions payable on actual cash receipts by seller.
§ The Financial Secretary to the Treasury (Mr. John Boyd-Carpenter)It is not possible to make a reliable estimate since so much depends on what is deemed to be a commodity transaction payable in cash. As I told my hon. Friend in my letter of 28th January, the best estimate I can make of the total national turnover of goods and services is in the order of 1906 3 to 3½ times the size of the national income. One per cent. of this total turnover is £400 million.
§ Sir W. DarlingWill my hon. Friend not agree that a tax of this character, bringing in a similar amount to that brought in by Purchase Tax, would be more equitable, more easily borne and more easily distributed than the present Purchase Tax?
§ Mr. Boyd-CarpenterThat is another question.