VAT Returns

Treasury written question – answered on 7th November 2001.

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Photo of Christopher Chope Christopher Chope Shadow Spokesperson (Treasury)

To ask the Chancellor of the Exchequer how much money was raised by Customs and Excises in 2000–01 from penalties imposed upon VAT-registered traders for late returns of VAT forms; and what is the estimate for 2001–02.

Photo of Mr Paul Boateng Mr Paul Boateng Financial Secretary, HM Treasury, The Financial Secretary to the Treasury

During 2000–01, penalties totalling £87 million were incurred by traders defaulting on their VAT payments. The amount incurred in 2001–02 will be lower, reflecting the sympathetic approach taken by Customs towards businesses affected by the foot and mouth outbreak, the reform of the penalty regime for businesses with a turnover of up to £100,000, and other recent initiatives to help small businesses to manage their VAT payments.

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