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54.
Sir A. Southby
asked the Chancellor of the Exchequer whether secondhand jewellery pays the 100 per cent. Purchase Tax?
Sir K. Wood
Yes, Sir, where it forms the subject of a taxable purchase; but many transactions are, of course, not of "a wholesale character."
Sir A. Southby
Is my right hon. Friend aware of the enormous trade which is being done in uncut and unset stones, many of the latter obtained from broken-up second-hand jewellery?
Sir K. Wood
Yes, Sir.
Sir A. Southby
Cannot my right hon. Friend devise some means of taxing these transactions?
Sir K. Wood
It is very difficult.