Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of applying a credit for the 2020-21 financial year to VAT accounts of £17,000.

The Government has announced a range of measures to help individuals and businesses through the COVID-19 pandemic, including grants, loans and relief from business rates worth more than £300 billion. On 20 March, the Government announced that UK VAT registered businesses can defer VAT payments due with their VAT returns in the deferral period until March 2021.

While the Government keeps all taxes under review, there are currently no plans to apply a credit to VAT accounts.