§ Mr. FatchettTo ask the Chancellor of the Exchequer if he will list all those regulations affecting small firms which have been abolished by his Department in each year since 1979; and if he will make a statement.
§ Mr. Nelson[holding answer 8 March 1993]: This information is not available in the precise form requested. The Chancellor is fully committed to relieving the regulatory burden on small businesses to the maximum possible extent. A significant number of taxes have been abolished altogether, including car tax, the investment income surcharge, the national insurance surcharge, development land tax, on-course betting duty, capital duty and a number of stamp duties. Both Inland Revenue and Customs and Excise have made major contributions to reducing the burden of tax administration on small businesses. Each Department has its own deregulation unit, strategically placed to ensure that deregulation is well to the fore when policy options are being considered. Measures implemented in recent years include significant increases in the threshold for VAT registration, the introduction of a cash accounting scheme to simplify VAT administration for smaller traders, increases in the corporation tax threshold, the introduction of an option for small businesses to submit three-line accounts instead of full accounts, and a major and continuing programme in both Departments to cut down on and simplify the forms which businesses have to complete.