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Financial Services (Vat)

Volume 114: debated on Tuesday 7 April 1987

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asked the Chancellor of the Exchequer what is his estimate of the yield in 1987–88 of extending value added tax to all financial services at present exempt under (a) European Economic Community rules and (b) otherwise; and if he will provide a breakdown by service.

[pursuant to his reply, 6 April 1987]: There are considerable technical difficulties in determining the value of the supplies to which value added tax would apply, and I regret that it is not possible to make a reliable estimate of the potential revenue yield.