§ Ms PrimaroloTo ask the Chancellor of the Exchequer how much revenue would be raised by increasing the standard rate of VAT to(a) 19 per cent. and (b) 20 per cent. per year. [40666]
§ Mr. Heathcoat-AmoryFigures published in the Treasury's "Tax Ready Reckoner and Tax Reliefs" indicate that increasing the standard rate of VAT by one percentage point is estimated to raise £2,540 million. This implies the following: 255W
New tax rate percentage Estimated extra revenue £ million 19 3,810 20 6,350
§ Mr. BayleyTo ask the Chancellor of the Exchequer if he will give the cost in 1996–97 and a full year of raising the threshold for registration for VAT for small businesses by(a) £10,000, (b) £20,000, (c) £30,000, (d) £40,000, (e) £50,000 and (f) £60,000.
§ Mr. Heathcoat-Amory[holding answer 31 October 1995]: Costs have not been calculated for the exact thresholds specified. Calculations have been done for the full-year revenue effects of raising the VAT registration threshold to the following levels:
VAT registration threshold £60,000 £75,000 £100,000 Revenue effect (£ million) -£120 -£245 -£425 It should also be noted that the EC sixth VAT directive restricts increases in the VAT threshold to those which "maintain its value in real terms".(2) what assessment capital gains taxation 1979.he has made of the amount of avoidance for each year since [38866]