§ Sir David Priceasked the Chancellor of the Exchequer if he will introduce measures to change the system whereby works of art sold in the United Kingdom are subject to value added tax if bought by a United Kingdom purchaser, but are free of value added tax if bought by a foreign purchaser.
§ Mr. HayhoeRelief from VAT depends not on the nationality of the purchaser but on whether the goods are exported or retained in the United Kingdom. VAT registered traders, who sell secondhand works of art retained in the United Kingdom which meet certain conditions, can account for VAT only on the margin by which the selling price exceeds the purchase price.