§ Mr. Newtonasked the Chancellor of the Exchequer whether he will introduce a scheme under VAT regulations which would restrict to an amount related to the profit margin the tax payable on transactions in second-hand furniture (non antique), second-hand electrical appliances and similar goods by registered traders.
§ Mr. Robert SheldonSchemes of this kind have been introduced for particular386W classes of goods where there would have been a serious distortion of trade due to the charging of VAT on the full value of the goods as they passed at successive stages between VAT registered traders and private individuals. I have no evidence that such a distortion of trade has occurred with second-hand (non-antique) furniture or second-hand electrical appliances.