§ Mr. Fauldsasked the Chancellor of the Exchequer at what point in a transaction a registered dealer operating the special scheme for VAT contained in Customs and Excise Notice No. 712 must decide whether a particular item is to be included in the special scheme; and whether such a decision is irrevocable.
§ Mr. HigginsIf at the time when he purchases an eligible article the dealer thinks he is likely to sell it under the special scheme, he should enter the purchase in the special stock record at that time, but the entry may be cancelled later if his intention changes. The decision cannot be changed after the tax point for his supply.
§ Mr. Fauldsasked the Chancellor of the Exchequer what is the authority by which a final decision will be made in cases of dispute as to the retention or loss of the original character of an antique exceeding 100 years of age which has been the subject of repair or restoration and which is included in the special VAT scheme contained in Customs and Excise Notice No. 712.
§ Mr. HigginsA dispute could be referred to a value added tax tribunal under Section 40(1) of the Finance Act 1972.
§ Mr. Fauldsasked the Chancellor of the Exchequer how many art and antique dealers have been granted Bank of England permission to have foreign domiciled associates or subsidiaries from which they will derive additional financial advantages after the introduction of value added tax.
§ Mr. NottAlthough Bank of England permission is required before a company may set up a foreign subsidiary, the particular details for which the hon. Member asks are not available.
§ Mr. Moneyasked the Chancellor of the Exchequer whether he will bear in mind, in connection with his forthcoming Budget, the fact that in other European Community countries chiropractic treatment for persons with spinal complaints is exempt for purposes of value added tax.
§ Mr. HigginsI have noted my hon. Friend's point.
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§ Mr. Fauldsasked the Chancellor of the Exchequer by whom a final decision will be made in a case of dispute as to whether an antique complies with the definition of eligible goods contained in paragraph 2(d) of Customs and Excise Notice No. 712.
§ Mr. HigginsA dispute could be referred to a value added tax tribunal under Section 40(1) of the Finance Act 1972.
§ Mr. Fauldsasked the Chancellor of the Exchequer what considerations led him to decide not to zero-rate the work of living artists; and whether he took into account the incentive to them to export their work when VAT is introduced.
§ Mr. HigginsI would refer the hon. Member to the discussion of this point in the course of the debates on last year's Finance Bill.
§ Mr. Roderickasked the Chancellor of the Exchequer how he proposes to assess agricultural societies for the purposes of VAT.
§ Mr. HigginsIf the hon. Member has any particular point in mind perhaps he will write to me.