HC Deb 12 July 1988 vol 137 c101W
Mr. Baldry

To ask the Minister for the Arts if he anticipates any call in the near future on the Contingency Reserve for a work of art offered in lieu of capital transfer tax.

Mr. Luce

I am very pleased to be able to announce that heritage Ministers have accepted in principle two paintings by William Hogarth. The formal exchange of memoranda will complete the acceptance in the near future. The amount of tax satisfied will be in the region of £1.3 million. This will be met by a call on the reserve.

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