§ Mr. Cormackasked the Chancellor of the Exchequer what is the annual yield of value added tax levied on theatres, concerts and other cultural events; and what it would be if the rate on these events and activities were reduced to (a) 8 per cent. and (b)10 per cent.
§ Mr. Bruce-Gardyne[pursuant to his reply, 11 February 1982, c. 474.]: I assume that my hon. Friend is referring to the VAT yield from admissions. Information is not available to make a reliable estimate, but, depending on the definition of cultural events and including cinema admissions, the yield may be of the order of £100 million a year. If the VAT rate were reduced to 8 per cent. and 10 per cent. the revenue might fall to about £55 million and £65 million a year respectively.