Commentary

BB/10/02 New Concession—VAT on imported works of art

Part V16 Forms and other HMRC material

BB/10/02 New Concession—VAT on imported works of art

BB/10/02 New Concession—VAT on imported works of art

Business Brief, Issue 10. 15 April 2002

Customs and Excise have introduced a concession to allow businesses more scope to re-import works of art at the reduced rate of import VAT.

Background

The five per cent reduced rate of VAT charged on imported works of art has been applied in the UK since 1 July 1999. Coupled to this was an anti tax avoidance measure that denied the reduced rate of VAT where the goods had been exported from the UK within 12 months prior to the date of re-importation. Such goods were liable to

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