23 JANUARY 1988, Page 19

Below zero

AND now, an additional news item. The courteous and patient excisemen who lead me through the labyrinth of Value Added Tax have sent me their guidance on zero- rating. This, they say, applies to news services and the contribution of news items — `but not to feature services, photogra- phy, horoscopes, cartoons, financial and legal advice, racing tips or crossword puz- zles.' So much for my plans to offer you a share-tipping service, cryptographically ex- pressed, profusely illustrated, proven on the racecourse and based on what the stars foretell.