Tax

Chinese art and antiques are part of a new list of $300bn-plus of imports drawn up by President Trump’s administration in the country’s escalating trade war with China, ATG understands.

Small antiques shops and art galleries have been given a reprieve on business rates with Chancellor of the Exchequer Philip Hammond announcing a cut by a third for many small businesses.

Chinese art and antiques have been spared from the imposition of a new US import tax on Chinese goods, after protests by art market leaders that the move would hurt US-based art and antiques firms and collectors, ATG has learned.

Brexit minister Dominic Raab revealed the government has hired an extra 300 staff for the Home Office’s Border Force ready for the UK’s exit from the European Union and will recruit another 1000 “ready to deal with any increase in work”.

A leading art market lawyer is among more than 300 US business chiefs, legal experts and trade bodies attending hearings in Washington, DC this week to argue against the Trump administration’s proposed tariffs on Chinese imports into the US.

Small businesses were given a small reprieve in chancellor Philip Hammond’s Autumn Statement today with an update on business rates and the VAT threshold.

Small businesses are celebrating after plans to enforce online quarterly reporting were delayed by government.

The decision to delay and possibly shelve a requirement for businesses and the self-employed to file tax returns quarterly rather than yearly has been welcomed by dealer body BADA, which had lobbied against it.

A government u-turn on a National Insurance rise has been welcomed by the art and antiques trade, giving hope that a review of business rates could follow.

The chief executive of BADA, Marco Forgione, has lobbied Mayor of London Sadiq Khan on imminent hikes to business rates and changes to tax reporting that are set to impact the trade.