§ Mr. Stephen Rossasked the Chancellor of the Exchequer whether he will consider delaying implementation of VAT new retail schemes announced in Notice No. 727 and Leaflet No. 5/75/VMC until 1st April 1976 due to the additional workload which this is going to create for small businesses and in particular pharmacists.
§ Dr. Gilbert :My right hon. Friend does not propose to postpone the introduction of the new schemes. The new schemes are mainly revisions of existing schemes and involve no major changes in principle.
§ Mr. Wigleyasked the Chancellor of the Exchequer in what way Common Market regulations affect the turnover threshold for VAT registration ; and if any agreement from the EEC Commission is necessary for the increase in this threshold.
§ Dr. Gilbert :There are no existing EEC requirements relating to the exemption limit.
§ Mr. Wigleyasked the Chancellor of the Exchequer if he will take immediate steps to increase the level of business turnover below which there is exemption for VAT registration from £5,000 to £10,000.
§ Dr. Gilbert :I have noted the hon. Member's suggestion but I cannot anticipate my right hon. Friend's Budget Statement.