§ Mr. Hicksasked the Chancellor of the Exchequer if he will estimate the revenue in value added tax receipts at the standard rate of 15 per cent. derived from overseas visitors staying in United Kingdom hotel and guesthouse accommodation; and if he will estimate the loss in revenue if this figure were reduced to 10 per cent. and 5 per cent. respectively.
§ Mr. Bruce-GardyneIt is estimated, with a wide margin of error, that the revenue is about £100 million a year. A reduction of the rate of tax to 10 per cent. and 5 per cent. would result in the loss of about £30 million and £60 million respectively in a full year.