§ Mr. Knoxasked the Chancellor of the Exchequer if he has studied the memorandum published by the Consultation Committee of Accountancy Bodies in March on the administration of value added tax; and if he will make a statement on its conclusions.
§ Mr. Robert SheldonI assume that the hon. Member is referring to the memorandum in which the Consultative Committee of Accountancy Bodies advocated the elimination of VAT on transactions between registered businesses. There are great difficulties about the proposal, but it is receiving careful study.