§ Mr. Fauldsasked the Chancellor of the Exchequer whether, after the introduction of VAT, he will keep records in order to ascertain which works of art and antiques exported by registered persons with overseas subsidiaries are subsequently reimported into this country.
§ Mr. HigginsThe exportation of most antiques and all works of art of a value over £4,000 is subject to the granting of an export licence by the Department of Trade and Industry. Most subsequent sales of such articles in the United Kingdom will be publicly reported.
§ Mr. Fauldsasked the Chancellor of the Exchequer whether he intends to impose a 10 per cent. import tax in cases where a work of art or antique exported by a registered person with an overseas subsidiary is subsequently reimported into this country at a higher value.
§ Mr. HigginsThis will be kept under review.