§ Mr. Wardasked the Chancellor of the Exchequer if he will estimate the percentage of firms at present registered for value added tax which would cease to pay value added tax if firms with an annual turnover of (a) less than £50,000 and (b) less than £100,000 were exempted from value added tax payment.
§ Mr. HayhoeIt is estimated that if the annual registration exemption limit for VAT were raised to £50,000 or £100,000 the percentage of the total number of persons currently on the VAT register who would be under no legal obligation to be registered and account for VAT would be 60 per cent. and 77 per cent. respectively.