HC Deb 23 April 1975 vol 890 cc323-4W
Mr. Robert Cooke

asked the Chancellor of the Exchequer what is his estimate of the increased yield in a full year from VAT following his proposed increase from 8 per cent. to 25 per cent. of VAT as it affects transactions in antique gold, silver, jade, and antique works of art mounted in gold and silver.

Dr. Gilbert

It is estimated that raising to 25 per cent. the rate of VAT on jewellery and goldsmiths' and silversmiths' wares will yield about £20 million in a full year. Estimates for a narrower range of goods have not been made.

Mr. Spearing

asked the Chancellor of the Exchequer what estimate he has made on the likely yield from his proposed 25 per cent. VAT rate on boats; and what yield is likely to accrue from sales of boats classified as dinghies, racing boats propelled by oars, and canoes, respectively.

Dr. Gilbert

It is estimated that the increase to 25 per cent. in the rate of VAT on boats, aircraft and caravans will yield about £10 million in a full year. Estimates for the narrower range of goods have not been made.

Mr. Michael Latham

asked the Chancellor of the Exchequer what representations he has received from affected interests about VAT on bloodstock; and what replies he has sent.

Dr. Gilbert

The main representations about VAT on bloodstock have been channelled through the Bloodstock VAT Committee and, more recently, the Joint Racing Board. My right hon. Friend the Chancellor of the Exchequer met representatives from these bodies on 18th March and undertook to give further consideration to their arguments for full or partial relief from VAT. However, he announced in his Budget Statement that he had reluctantly concluded that he could not propose any further reliefs from VAT at a time when he was looking for sacrifices in many other fields.