Oral Answers to Questions

Greg Smith Excerpts

Tuesday 19th December 2023 Commons Chamber

[Laura Trott]

If the hon. Gentleman can give individual examples, I ask him please to let us know. It is, obviously, extremely important that we enforce this, but I should point out that we will increase the levels by 9.8% next year, which will make a significant difference to households up and down the country.

[Greg Smith (Buckingham) (Con)]

Is not the more fundamental problem with the question posed by Opposition Members the fact that the OBR’s forecasts are never right?

--- Later in debate ---

[Jeremy Hunt]

If the hon. Gentleman has any evidence of people behaving improperly or illegally, he should tell the police, and he will get the full support of this Government and the whole House in bringing the matter to justice. But let me just say to him that any responsible Opposition should understand that in a crisis there is a trade-off between speed and taking longer to prevent fraud, and we took the right decision to save as many lives as possible.

[Greg Smith (Buckingham) (Con)]

T3.   I am hearing from a concerning number of small businesses in my constituency that they are slowing down as they approach the VAT threshold, rather than doing what the whole economy needs them to do and going for growth. Ahead of the spring Budget, will my right hon. Friend look at substantially shifting the VAT threshold upwards?

[The Financial Secretary to the Treasury (Nigel Huddleston)]

My hon. Friend is a great advocate for small businesses. The Government recognise that accounting for VAT can be a burden on businesses, but that is why, at £85,000, the UK has a higher VAT registration threshold than any EU member state and the second highest in the OECD, keeping the majority of UK businesses out of VAT altogether. In the 2022 autumn statement, it was announced that the VAT threshold would be maintained at its current level until 31 March 2026. As always, the Government keep taxes under review.