§ 47. Mr. Simon Coombsasked the Minister for the Arts if he has any further plans for changing the rules for the acceptance in lieu of tax schemes.
§ Mr. LuceThere are no immediate plans for changing the present system for accepting items in liew of tax, although procedures continue to be kept under review.
§ Mr. CoombsHow does my right hon. Friend or somebody else decide to which gallery a work of art that is accepted in lieu of tax is to go? Will he look carefully to see whether the number of galleries and institutions to which such works can be sent can be extended so that all the regions can have a fair share of that kind of product?
§ Mr. LuceMy hon. Friend has made in important point. It is important that our national treasures, from wherever they come, should be accessible and available to people all over the country. It is, of course, for executors to express family wishes. Very often, a family will express a clear request that a particular object of art should go to a particular location. On other occasions they make an express wish, and it is up to me to decide. I agree with the principle that my hon. Friend has expressed.
§ Mr. Robert SheldonIs the right hon. Gentleman aware that the present explosion in prices of works of art, which bear little or no relation to the retail prices index, has meant that there is a greater temptation to sell now and that there are fewer funds with which to meet such high prices? Do we not require a fresh examination of the whole basis of retaining works of art in this country?
§ Mr. LuceI accept the right hon. Gentleman's analysis that the prices of pictures and objects of art are going up fast. There is no doubt about that. On balance, our procedures for the preservation of important objects of art in this country and the terms of our acceptance in lieu are working fairly well. As far as acceptance in lieu is concerned, we have a reserve fund of £10 million, upon which we can draw, in addition to a budget of £2 million in my programme for helping in that area. We have not yet used that full budget.