Value Added Tax

HC Deb 20 December 1972 vol 848 cc388-9W

Mr. Fry

asked the Chancellor of the Exchequer if he will arrange for advertisements to be placed which will illustrate both ranges of goods and services which are zero-rated or exempt from value added tax and those which will bear a lower rate of tax as a result of the ending of purchase tax, so that the public may be better informed to query any price rises supposedly due to the introduction of value added tax.

Mr. Higgins

I am grateful for the hon. Member's suggestion. As my hon. Friend the Chief Secretary to the Treasury mentioned in the debate on 5th December, we shall be providing information nearer the date of the introduction of VAT about the effects of the changeover on many of the everyday goods and services bought by ordinary people.—[Vol. 847, c. 1231.]

Mr. Joel Barnett

asked the Chancellor of the Exchequer what is his latest estimate of the yield from value added tax in 1973–74 consequent upon the various changes he has made.

Mr. Higgins

The estimate of the yield of value added tax in 1973–74 will be published in the Financial Statement and Budget Report in due course.