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Value Added Tax

Volume 888: debated on Wednesday 19 March 1975

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asked the Chancellor of the Exchequer what would be the implications for revenue and administration of raising the VAT registration threshold to £10,000, £15,000 and £25,000, respectively.

It is estimated that the annual loss of revenue from raising the exemption level for VAT to £10,000, £15,000 and £25,000 a year would probably be about £40 million, £100 million, and £150 million, respectively. Such changes would bring about 400,000, 700,000 and 800,000 traders, respectively, below the exemption level, but a number of these might wish to remain registered.