§ Mr. FauldsTo 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 CopeThere 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.