HC Deb 17 June 1982 vol 25 c346W
32. Mr. Kenneth Lewis

asked the Chancellor of the Exchequer whether he will consider taking out of the value added tax net small business enterprises with a turnover of less than £50,000 a year.

Mr. Bruce-Gardyne

No. Increases in the VAT registration limit are restricted by the EC sixth directive on VAT to those whichmaintain its value in real terms".

On the basis of the retail price index, the increase in the annual limit from £15,000 to £17,000 proposed in the Budget was the maximum by which the limit could be increased at that time.