§ Mr. Fauldsasked the Chancellor of the Exchequer when he expects to publish the detailed procedure for administering value added tax on works of art.
§ Mr. HigginsI hope that it will be possible to lay a Treasury order in the fairly near future.
§ Mr. Fauldsasked the Chancellor of the Exchequer whether he will consider exempting the sale of works of art by fine art auctioneers and dealers from value added tax in the case of sales to public institutions in this country, bearing in mind that value-added tax will be refunded in the case of works of art being exported.
§ Mr. HigginsI have noted the hon. Gentleman's suggestion.
§ Mr. Fauldsasked the Chancellor of the Exchequer what is his estimate of the revenue deriving from value added tax on admission charges to the national museums and galleries for the fiscal year commencing April, 1973.
§ Mr. HigginsRevenue from value added tax on admissions to museums and galleries will depend on several factors and no precise estimate is possible.