Clause 18
Finance (No. 2) Bill
1:45 pm
Philip Dunne (Ludlow, Conservative)
I am grateful to you, Mr. O’Hara, for bringing me on to the point of my remarks. However, having been unable to speak earlier, I could not resist responding to the point made by the hon. Member for Wolverhampton, South-West.
I support what was said by my hon. Friend the Member for Rayleigh (Mr. Francois) when he moved what is a pragmatic and sensible amendment. As we heard this morning, it is entirely supported by the art market. I want to make a practical observation to the Paymaster General if she is not aware of the way in which the art market works. It is a seasonal market. There are markets, typically in the summer months of June and July, that require a great deal of preparation, not least of which is the publication of extensive catalogues. Due to the complexity of the VAT regime in the art market, the catalogues have to refer to specific VAT rates and regimes that apply to each piece of art that is up for auction.