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Value Added Tax

Volume 932: debated on Wednesday 25 May 1977

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asked the Chancellor of the Exchequer whether a trader must still register for VAT if his taxable turnover exceeds £5,000 per annum.

New registration limits for VAT are due to come into force on 1st October and traders with a turnover of £6,000 per annum or less will be able to seek deregistration. To avoid unnecessary registrations followed by deregistrations next October, I have authorised Customs and Excise not to register compulsorily for VAT any person who, on the basis of his current turnover figures, will be eligible for deregistration on 1st October.

asked the Chancellor of the Exchequer if he is in a position to make a further statement on the EEC Sixth Directive on VAT.

Yes. The directive was finally agreed to by the Council of Ministers at their meeting on 17th May 1977 and it therefore becomes part of European Community law. The final text of the directive will be published in the Official Journal of the Communities in due course, but it is identical with the text which was placed in the Library on 1st April (reference R/715/77).