§ 62. Sir A. Southbyasked the Chancellor of the Exchequer whether his attention has been called to the high prices now being paid at sales for pictures and objects d'art; and whether these transactions are subjected to Purchase Tax?
§ The Financial Secretary to the Treasury (Mr. Assheton)Purchase tax is payable if the goods are specified in the first or second column of the Seventh Schedule to the Finance (No. 2) Act, 1940, and are being sold by a registered to a non-registered person. I cannot say how far this applies to the sales in question.
§ Sir A. SouthbyWill my hon. Friend go into the matter, since if purchases of this character, involving very large sums, are not being taxed they may form means whereby black market and other illicit profits may be tucked away?
§ Mr. AsshetonI understand that very great complications would attend any attempt to widen the Purchase Tax to cover all the sales that my hon. and gallant Friend has suggested.