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Value Added Tax

Volume 888: debated on Friday 14 March 1975

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asked the Chancellor of the Exchequer whether he will consider delaying implementation of VAT new retail schemes announced in Notice No. 727 and Leaflet No. 5/75/VMC until 1st April 1976 due to the additional workload which this is going to create for small businesses and in particular pharmacists.

My right hon. Friend does not propose to postpone the introduction of the new schemes. The new schemes are mainly revisions of existing schemes and involve no major changes in principle.

asked the Chancellor of the Exchequer in what way Common Market regulations affect the turnover threshold for VAT registration ; and if any agreement from the EEC Commission is necessary for the increase in this threshold.

There are no existing EEC requirements relating to the exemption limit.

asked the Chancellor of the Exchequer if he will take immediate steps to increase the level of business turnover below which there is exemption for VAT registration from £5,000 to £10,000.

I have noted the hon. Member's suggestion but I cannot anticipate my right hon. Friend's Budget Statement.