Tax

The British Antique Dealers’ Association is p09nning to mount a campaign with other business bodies to halt a government plan to require all businesses, regardless of size, to file tax returns on a quarterly, digital basis rather than annually.

Online sellers who use eBay are the focus of fresh attempts by HM Revenue & Customs to crack down on tax evasion.

If Scotland votes for independence on September 18, how might this affect the ownership of art North and South of the Border?

Auction houses who refund VAT on the buyer’s premium to overseas purchasers without ensuring that the correct paperwork is in place could find themselves liable for the tax themselves.

Gibraltar expects to become a new European Union tax haven for the trade in art by scrapping import and export duties on works from July 1.

An appeal court ruling on the tax status of Sir Joshua Reynolds’ masterpiece ‘Omai’ means that a number of very rich people are likely to get a bit richer.

The Spanish government have cut the tax on sales of works of art by more than half from 21% to 10% as a means of boosting trade.

How do you convert a £9.4m Old Master painting into a capital gains tax-exempted “wasting asset”?

In the face of strong opposition from the art world, the French government appeared to back down last week from a move to include works of art valued at over €50,000 in annual assessments for wealth tax.

MORE cash has been made available to provide tax breaks for people who donate art to public institutions – and now it can apply during their lifetime.

INDIVIDUALS buying and selling goods over the internet are to be targeted in the latest crackdown by the taxman.

BUDGET proposals to encourage art giving by discounting inheritance tax could actually damage wider philanthropy says a specialist law firm.

INDUSTRY specialists are keeping a sharp eye on developments in the Capital Gains Tax (CGT) debate – and especially on whether any rise will be accompanied by a reintroduction of taper relief.

A DISPUTE between Lord Lloyd Webber and the HM Revenue and Customs over the purchase, with the aid of taxpayers' money, of J.W. Waterhouse's St Cecilia by the Andrew Lloyd Webber Art Foundation, has been settled out of court.

CHRISTIE’S Fine Art Storage Services (CFASS) have announced that they will open a new facility at The Singapore Freeport in January 2010, offering a secure tax-free location for the storage and transaction of fine art and antiques.

THE Inland Revenue are calling for more firms to use their new Business Payment Support Service after receiving more than 44,500 phone calls asking for help since it was launched in November.

THE Treasury have calmed fears that new rules on tax for non-domiciles could damage the UK’s art market.

DESPITE the Treasury’s review of new rules on tax for non-domiciles in the UK, questions remain over the status of offshore trusts.

TREASURY plans to close tax loopholes for the wealthiest foreigners living in the UK could seriously damage the art market, it is feared.

Investors in art and antiques will be among the winners of a major reform of capital gains tax proposed in the government’s pre-Budget report.