§ Mr. Fauldsasked the Under-Secretary of State answering in respect of the Arts whether it is the policy of the Minister for the Arts, having temporarily withheld an export licence for a work of art in order to allow its purchase by a British public institution at a price stipulated by him, but subject to the proviso that the figure might be reduced by considerations relating to exemption from capital taxation in the event of such a sale if the substantive vendor is resident for tax purposes in the United Kingdom, to ascertain thereafter if such a reduction in the figure stipulated by him is or is not applicable and to notify accordingly the authorities of a British public:institution which has made clear its intention of seeking to raise funds from the public for the purpose of acquiring the work of art in question; and if he will make a statement.
§ Mr. WaldegraveNo. The price announced by my noble Friend represents the fair market price of an item for which a licence is withheld temporarily. It is for the public collection interested in acquiring the item to establish with the parties concerned, with the Capital Taxes Office, whether there are factors which may affect the eventual price paid.