PARLIAMENTARY WRITTEN QUESTION
VAT (19 June 2014)

To ask Mr Chancellor of the Exchequer, if he will publish details of the Government's proposed legislation to provide for a controlled release of non-financial VAT registration data for specific purposes.

Asked by:
Sir Christopher Chope (Conservative)

The Small Business, Enterprise and Employment Bill, introduced today on 25 June includes a clause making provision that allows HM Revenue & Customs (HMRC) to release non-financial VAT registration data to qualifying organisations for the purposes of assessing credit worthiness, risk of fraud or compliance with financial regulations.

Research indicates that this has the potential to release up to £1.8 billion worth of additional trade credit. Taking into account the differing circumstances of individual businesses, we estimate an actual take-up of between £0.7 and £1.4 billion.

Answered by:
Mr David Gauke (Independent)
25 June 2014