§ Mr. Fauldsasked the Chancellor of the Exchequer whether he will take steps to ensure that the profit retained by art and antique dealers from sales of important works of art to overseas buyers will not be higher than the profit retained from sales to British collectors when VAT is introduced, bearing in mind the desirability of encouraging the retention of art treasures in the country.
§ Mr. HigginsThe price paid for an antique or work of art is a matter for negotiation between the dealer and his customer.
§ Mr. Fauldsasked the Chancellor of the Exchequer whether it is his intention that a work of art or antique purchased by one taxable person from another taxable person under the standard VAT scheme can subsequently be included by the purchaser in the special VAT scheme contained in HM Customs and Excise Notice No. 712.
§ Mr. HigginsNo.
§ Mr. Fauldsasked the Chancellor of the Exchequer whether he will specify at what value an art or antique dealer should enter in the stock book prescribed in Her Majesty's Customs and Excise Note 168W No. 712 the goods owned by him on 1st April 1973.
§ Mr. HigginsAt his purchase price.