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Value-Added Tax

Volume 931: debated on Friday 6 May 1977

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asked the Chancellor of the Exchequer whether the general agreement achieved at the Fiscal Council's discussion in Brussels in February 1977 that member States would be free to maintain their existing turnover limits for exemption from VAT prevents the United Kingdom from doubling its existing turnover limits for this purpose.

The agreement on the draft Sixth Directive on VAT would allow a member State to increase its national exemption limit so as to maintain the value of the limit in real terms. At present, this would not cover an increase quite as far as £10,000 a year in the United Kingdom limit.