HC Deb 17 May 1977 vol 932 c92W
Mr. Hordern

asked the Chancellor of the Exchequer what would be the cost of raising the exemption limit for VAT to £10,000, £15,000, and £20,000, respectively; and how many firms and persons could choose to be exempt at each level.

Mr. Robert Sheldon

Estimates of the loss of revenue in a full year and the number of registered persons who would be relieved of the legal obligation to be registered are:

Exemption limit (taxable turnover a year) Revenue loss(£ million) Approximate number of registered persons (thousands)
£10,000 45 280
£15,000 75 450
£20,000 95 550

There is no way of knowing how many persons would choose to remain registered voluntarily.