§ Mr. David Mitchellasked the Chancellor of the Exchequer what is the latest figure available as to the proportion of VAT which is obtained from companies with an annual turnover of £50,000 or 71W less; what is the number of sole traders and companies with an annual turnover of £5,000 or less which have elected to be involved with VAT; and how many of these are net contributors and how many net recipients of tax.
§ Mr. Robert SheldonIn the financial year 1975–76 receipts less repayments of VAT from registered companies with taxable turnover less than £50,000 a year were about 1½ per cent. of net VAT revenue. There are about 80,000 persons with taxable turnover less than £5,000 a year registered for VAT. Rather more than half of them only received repayments or received amounts of repayments during the year which exceeded their payments of tax.