§ Mr. Gwilym Robertsasked the Chancellor of the Exchequer how "do-it-yourself" housebuilders can claim refunds of VAT under the Government's new refund scheme.
§ Dr. GilbertThe Value Added Tax ("Do-it-yourself" Builders) (Relief) Regulations 1975, which prescribe the time limits and conditions for claiming the refund, came into operation on 19th May and do-it-yourself" housebuilders who have built complete new dwellings may now submit claims for refund of VAT on eligible goods purchased by them on or after 13th November 1974 from persons registered for VAT. Customs and Excise have published full details in their Notice No. 719; and copies of the notice, and of the forms on which claims must be made, are now available from Customs and Excise local VAT offices. For the convenience of Members, copies are available in the Vote Office.
§ Mr. Clemitsonasked the Chancellor of the Exchequer how much revenue it is anticipated will accrue in the forthcoming financial year from the imposition of the new 25 per cent. rate of VAT on television rental agreements entered into before 15th April 1975.
§ Dr. Gilbert, pursuant to his reply [Official Report, 19th May 1975; Vol. 892, c. 285], gave the following information:
Trade interests have estimated that raising to 25 per cent. the rate of VAT on the renting of television sets will yield about £100 million in a full year, although this may be a little too high. In the current financial year 1975–76 the extra revenue is estimated to be of the order of £50 million, nearly all of which will come from rental agreements entered into before 15th April 1975. The proportion of this additional revenue from such contracts will steadily decline.