§ Mr. Cormackasked the Chancellor of the Exchequer when he expects to announce his recommendations in respect of taxing works of art as wealth, with special reference to: (a) the restriction or otherwise of a wealth tax to the realisation upon sale of the wealth potential of a work of art and (b) the restriction or otherwise of such a tax charged 399W upon such realisation to genuinely disposable wealth, leaving out of the computation other tax liabilities arising from such an event.
§ Mr. Denzil Davies,pursuant to his reply [Official Report, 28th July 1976],circulated the following answer:
The evidence received by the Select Committee on Wealth Tax on the application of a wealth tax to works of art and the conclusions it drew from it are under careful study. I cannot, however, anticipate the timing or content of a further announcement.