Art, antiques, wine, classic cars – pension hopes disappear
THE slim pickings predicted for the art and antiques industry when it comes to pension rule changes disappeared altogether in Chancellor Gordon Brown’s pre-Budget statement.
At the LAPADA seminar last week, Pierre Valentin, an art and cultural objects specialist solicitor with Withers, set out how the industry was likely to benefit when the new rules on Self Invested Pension Plans (SIPPs) come into force on April 6 next year.
But just as ATG hit doormats across the UK, the Chancellor revealed that he was scrapping tax concessions of up to 40 per cent on investments in art, antiques, wine, classic cars and second homes via SIPPs – two years after he heralded their arrival.
The Treasury argued that fears that the wealthy would use the schemes to avoid tax prompted the about-turn.
Mr Valentin declared himself “speechless” at the news. “I can’t believe they’ve done this u-turn,” he told ATG.