HC Deb 18 October 1976 vol 917 cc331-3W
Mr. Dodsworth

asked the Chancellor of the Exchequer what was the sterling equivalent of loans outstanding by local authorities and other public bodies under arrangements whereby the Treasury offers exchange cover guarantees to borrowing in foreign currency for domestic purposes in February 1974, October 1974 and at

Mr. Robert Sheldon

The total of £645,009.65 in fines has been levied on traders as a result of prosecutions for failure to furnish VAT returns.

Mr. Michael Marshall

asked the Chancellor of the Exchequer what is the total amount of fines levied on traders in connection with VAT evasion.

Mr. Robert Sheldon

The total amount of fines and compounded settlement in connection with VAT evasion were as follows:—

£
April 1973 to March 1974 30,679
April 1974 to March 1975 224,310
April 1975 to March 1976 463,897
April 1976 to September 1976 167,733

Mr. Michael Marshall

asked the Chancellor of the Exchequer how many prosecutions have been brought for offences relating to VAT irregularities in each of the following periods: April 1973 to March 1974, April 1974 to March 1975, April 1975 to March 1976 and April 1976 to September 1976.

Mr. Robert Sheldon

The information is as follows:

the latest available date during the current week.

Mr. Robert Sheldon

Public sector foreign currency borrowing under the exchange cover scheme outstanding at the latest available date was equivalent to some £5.4 billion. The amounts outstanding on the last working days of February and October 1974, calculated by reference to exchange rates in force on those days, were equivalent to £1.3 billion and £2.2 billion respectively. The differences between these figures reflect both the depreciation of sterling and new borrowing by the public sector.

Mr. Rost

asked the Chancellor of the Exchequer if he will list each loan arranged in each year since 1964 to date of nationalised industries, local authorities, or other public bodies in foreign currency, specifying for each loan: (a) the net amount originally borrowed after converting the foreign currency into sterling at the date of the loan, (b) the cost or redemption in sterling if repayable at the current sterling exchange rate, (c) the dates of final repayments, (d) the annual cost in sterling of interest charges calculated at the sterling exchange rate at the time of the borrowing, (e) the annual cost in sterling of interest charges calculated at the current sterling exchange rate, (f) the total of such borrowings to date, (g) the total cost of repayments in sterling if repayable at the current sterling exchange rate, (h) the total current annual interest charges in sterling compared with the cost of annual interest charges at the date of the borrowing, and (i) the real current annual percentage rate of interest of each loan when calculated at the current exchange rate, compared with the percentage rate of interest at the original date of the loan.

Mr. Robert Sheldon

I will write to the hon. Member.