Vat

Treasury written question – answered on 25th June 2014.

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Photo of Christopher Chope Christopher Chope Conservative, Christchurch

To ask the 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.

Photo of David Gauke David Gauke The Exchequer Secretary

holding answer 24 June 2014

: The Small Business, Enterprise and Employment Bill, introduced today on 25 June, includes a clause making provision that allows HM Revenue and 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.

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