§ 97. Mr. Nabarroasked the Chancellor of the Exchequer what would be the approximate annual revenue from Purchase Tax if a single rate of 15 per cent. was imposed on all items now subject to Purchase Tax, at the present level of consumption enhanced by cessation of hire-purchase restrictions, and ending of the credit squeeze.
§ Mr. ErrollAny such estimate is necessarily very conjectural, but I should expect the yield to be well under £400 million a year.
§ 98. Mr. Nabarroasked the Chancellor of the Exchequer when he anticipates it will be possible for the Commissioners of Customs and Excise to issue an up to date list giving precise details of what goods are chargeable with Purchase Tax; and whether in such a document arrangements can be made to give a brief explanation of the reasons for all remaining anomalies.
§ Mr. ErrollNotice No. 78 was reissued about two months ago.
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§ 99. Mr. Nabarroasked the Chancellor of the Exchequer whether he will give an estimate as to what part of the present £490 million which Purchase Tax is estimated to yield is in fact net gain to the Treasury, and what part is lost by a consequential reduction in inland revenue caused by essential business and professional expenditure on items subject to Purchase Tax.
§ Mr. ErrollI regret that I am unable to give such an estimate.