HC Deb 02 February 1993 vol 218 c93W
Mr. Faulds

To ask the Chancellor of the Exchequer what was the VAT revenue in 1991 under the special scheme; what estimate he has made of the sum which would be raised from the proposed 5 per cent. extra VAT on imported antiques under the new EC proposals; what was the estimated cost of raising the VAT under the special scheme; and what is the estimated cost of raising the additional 5 per cent. VAT on imported antiques.

Sir John Cope

There is insufficient information on which to base an estimate of the revenue or the cost of administration of the special scheme.

Applying VAT at a rate of 5 per cent. to imported works of art, antiques and collectors' items would probably raise less than £20 million.