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Unset Precious Stones (Purchase Tax)

Volume 388: debated on Thursday 22 April 1943

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67.

asked the Chancellor of the Exchequer whether Purchase Tax is payable in respect of unset or uncut precious stones; and, if so, at what rate?

Owing to the difficulties in imposing such a tax, such stones are not chargeable with Purchase Tax.

Will the right hon. Gentleman bear in mind that Purchase Tax is supposed to be payable on luxury articles, and surely articles which are not required for use in industry are definitely luxury articles and should be taxed?

I agree, and I should be only too glad to do it, but I am afraid it has always been considered that the difficulties would not be worth the yield in tax.

In view of the evasion of other taxes will the right hon. Gentleman see whether he can at any rate get the Purchase Tax collected?

Can the right hon. Gentleman say whether secondhand jewellery pays 100 per cent. tax?