Tax

Sotheby’s has added its weight to the art market’s response against President Donald Trump’s imposition of import tariffs on Chinese works of art in the US.

Three works by Modern British artists will go on display at The Hepworth Wakefield gallery following a donation via the government’s Cultural Gifts Scheme.

Trade body leaders and dealers have given a collective thumbs up to the new Conservative government’s pledge to slash small business rates by half.

Christie’s has been praised for its stance on US tariffs on Chinese art after it became the first art market firm to seek exclusion from the tax, part of the ongoing trade war between the US and China. Late in October, Christie’s applied for exemption from a “punishing” import tax on seven types of Chinese art.

The Irish Antique Dealers Association has written to Ireland’s finance minister to press for VAT-free status as a green retail business, to relieve them of the 13.5% value-added tax they currently pay.

A tax on imports into the US of art, antiques and objects made in China took effect today.

Dealers in Chinese art remain on high alert as art and antiques appeared on a new list of Chinese goods facing a 10% US import tariff from September 1.

A renewed threat to tax Chinese art imports into the US, including those from the UK, would harm the local antiques trade and instead benefit China, US trade officials have heard.

A set of pier tables and mirrors from the Thomas Chippendale workshop has been accepted in lieu for the nation and allocated to the Victoria & Albert Museum.

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”.