§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he is aware of the loss to the nation of many art treasures being sold to persons overseas by British persons; and, if as a move to end this practice, he will initiate a scheme whereby every British person who disposes of a national treasure or object valued at more than £10,000 to an overseas buyer shall pay a 50 per cent, capital gains tax on the purchase price and the overseas buyer an additional 50
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Date Tax Increases Standard rate of income tax 6d. (announced November, 1964). 1965 April … Long-term capital gains tax introduced 30 per cent. (for individuals), Corporation Tax rate (for companies). Tobacco duty 10s. per lb. Spirits 34s. 6d. a proof gallon. Wines—fortified 6s. a gallon. Wines—table 3s. a gallon. (with consequential increases in the duties on British wines). Beer. 24s. a bulk barrel. Vehicle Excise Duty—Cars £2 10s. Goods Vehicles. 50 per cent, on the existing duty. 1966 May … Selective Employment Tax introduced. Rates 25s. men, 12s. 6d. women and boys 8s. girls. Corporation Tax fixed at. 40 per cent. (with the application of a new system of company taxation). Betting duty, on the stake money, introduced 2½ per cent. Annual licence charge on gaming machines introduced. £75 and £37 10s. Annual licence on gaming premises introduced. £100 to £50,000. July … Duties on beer, wines, spirits, hydrocarbon oils, and all rates of purchase tax. 10 per cent, of the then existing tax rates. 1967 April … Duties on beer, wines, spirits and hydrocarbon oils, and purchase tax (all rates). Substantive rates raised to offset the withdrawal of the surcharge of July, 1966. Surcharge on surtax for 1965–66 only introduced. 10 per cent. of the tax. Stamp duty per £100 of loan capital raised 7s. 6d. Betterment Levy introduced 40 per cent. of development value. 1968 March … Corporation Tax 2½ per cent. Special charge on investment income of individuals for 1967–68 only introduced on a scale rising from: Nil on first £3,000, up to 9s. in £ on slice of investment incomes over £8,000. Purchase Tax raised 1½ per cent., 3½ per cent., 55/6 per cent., 22½ per cent. (creation of an extra rate, at 50 per cent.). Hydrocarbon oil duty 4d. per gallon. Duty on spirits 21s. 6d. a proof gallon. Duty on heavy wines 6s. a gallon. Duty on table wines (with similar charges for British wines) 3s. a gallon. per cent. export duty on the purchase price in hard currency.
§ Mr. HigginsSales of important works of art are already subject to appropriate taxation. The possibility of an export duty has been considered and rejected in the past.