§ Mr. Stratton Millsasked the Chancellor of the Exchequer what estimate he has made of the effect value added tax will have on the sale of store cattle for fattening.
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§ Mr. HigginsThe sale of cattle by a farmer registered for value added tax will be zero-rated and therefore effectively relieved from the burden of the tax. Small farmers, with a taxable turnover of £5,000 a year or less, may apply to be registered.
§ Mr. Stratton Millsasked the Chancellor of the Exchequer what effect he estimates the introduction of value added tax will have on the fishing fleet of Northern Ireland and, particularly, on the outlay involved in purchasing boats.
§ Mr. HigginsSales of fish will be zero-rated under value added tax. Boats of a gross tonnage of 15 tons or over are also zero-rated. A fisherman registered for the tax will be able to reclaim VAT paid on other inputs to his business so that there will be no net burden of tax.