§ Mr. Farrasked the Chancellor of the Exchequer what would be the annual cost in terms of loss of revenue in raising the VAT threshold from £5,000 annual turnover to £20,000 and £50,000 respectively, on the assumption that those firms thus exempted would not wish to remain registered voluntarily.
§ Mr. Robert SheldonIt is unrealistic to assume that persons who if registered for VAT would be entitled to substantial repayments of tax would not wish to remain registered voluntarily. Otherwise, I would refer the hon. Member to the replies given to the hon. Member for Clackmannan and East Stirlingshire (Mr. Reed) on 3rd November 1976 [c.593] and to the hon. Member for Somerset, North (Mr. Dean) on 13th December 1976 [c. 546–7].
§ Mr. Geoffrey Finsbergasked the Chancellor of the Exchequer how many VAT accounts end on 31st December, 31st March. 30th June and 30th September. Respectively.
§ Mr. Robert Sheldon358,782 registered persons who furnish VAT returns quarterly have VAT accounting periods ending on 31st December, 31st March 30th June and 30th September. In addition there are 125,074 persons who furnish returns every month and therefore also have accounting periods ending on those dates.