Business Taxation

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 13 May 1999.

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Photo of Vincent Cable Vincent Cable Shadow Spokesperson (Trade and Industry), Liberal Democrat Spokesperson (Treasury) (EMU and the City) 12:00, 13 May 1999

Is the Chief Secretary aware that there is a great deal of concern in British business that, as a result of the Government's perfectly valid concern about tax avoidance, there could be a considerably increased tax burden on legitimate businesses, notably through Inland Revenue 35 as it is applied to the computing industry and through the application of value added tax on the internal transactions of banks? How much revenue does he propose to raise in that way, and what assurances is he giving to business that he will not penalise legitimate companies?