§ Mr. Beaumont-DarkTo ask the Chancellor of the Exchequer whether he can announce the figure below which from next April taxpayers will be able to submit simpler accounts to the Inland Revenue.
§ Mr. MaudeFrom next April a further half million people will be able to save themselves the time and expense of preparing detailed accounts for the Inland Revenue.
The level of business turnover or gross rental income below which taxpayers may submit three-line statements instead of full accounts is to be increased from £10,000 to £15,000. The new amount will apply to accounts received by the Inland Revenue on or after 6 April 1992.
This increase follows an announcement by my right hon. Friend the Chancellor of the Exchequer in his Budget, and reflects the Government's commitment to reduce taxpayers' costs by cutting down paper work where they can.