§ Mr. Sutcliffeasked the Chancellor of the Exchequer how many former United Kingdom residents, other than repatriates, have had sterling funds blocked under Section 40 of the Exchange Control Act 1947 on their emigration to countries outside the Scheduled Territories since 23rd June 1972, and in each of the previous four years; to which countries they emigrated, giving approximate numbers in each case; and what was the total value of funds blocked, indicating the amounts attributable in each year to emigrants to each host country, respectively.
§ Mr. NottFollowing is the available information:
example, on an annual staff outing—and can show that the cost is borne by the business, any input tax he incurs in connection with the entertainment will be deductible, subject to the normal rules. No output tax will be chargeable on free gifts of goods in connection with the entertainment, provided that their cost price to the business does not exceed £10. This modifies what is said in paragraph 35 of Customs and Excise Notice No. 701 (VAT scope and coverage).
§ Mr. Norman Lamontasked the Chancellor of the Exchequer how value added tax will apply to sales of standing timber.
455W
§ Mr. HigginsUnder Group 1, Schedule 5 to the Finance Act 1972, sales of standing timber are generally exempt from value added tax as an interest in land. However, following representations from forestry interests, asking for sales of standing timber to be taxed at the standard rate in the same way as sales of felled timber, it is proposed to make an order under Section 13(2) of the Finance Act to remove sales of standing timber from the exemption.