§ Mr. Cormackasked the Chancellor of the Exchequer what was the estimated yield from VAT on the sale of (a) antiques and works of art, and (b) of the work of living artists during 1976–77.
§ Mr. Robert SheldonI am afraid that separate information is not available, but net receipts of VAT paid by antique 29W dealers, second-hand furniture shops, picture framers and coin and stamp dealers, who are classified together for VAT, were about £5.6 million. Payments by artists, sculptors, designers, writers, freelance journalists and composers were about £5 million.
§ Mr. Cormackasked the Chancellor of the Exchequer what was the estimated yield from VAT on repairs to historic buildings during 1976–77.
§ Mr. Robert SheldonI regret that the information is not available from which to make an estimate because there is no way of distinguishing the VAT charged for repairs to such buildings from that of other building work.
§ Mr. Rookerasked the Chancellor of the Exchequer what would be the effect on the retail price index of raising basic value added tax from 8 per cent. to 10 per cent. and abolishing the higher rate.
§ Mr. Robert SheldonIt is estimated that the retail price index would be increased by about 0.8 per cent.