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After the meeting Marco Forgione, BADA CEO, said: “Talking with HMRC it is clear they have underestimated the impact these proposals willhave on MSMEs (micro, small and medium enterprises).

“These proposals will penalise MSMEs in particular because, unlike big businesses, they don’t have large teams of accountants working away on their tax issues.

“The antiques trade is seasonal, with the profits of early summer often sustaining dealers through leaner months and allowing them to reinvest in fresh stock. The quarterly payment of tax would destroy this.”

BADA was formed in 1918 to contest Prime Minister David Lloyd George’s plans to introduce a luxury tax on antiques. 

In the coming months BADA will make formal submissions to the Treasury on behalf of the antiques trade.