Commentary

BB/3B/00 Imported works of art, antiques and collectors' items

Part V16 Forms and other HMRC material

BB/3B/00 Imported works of art, antiques and collectors' items

BB/3B/00 Imported works of art, antiques and collectors' items

Business Brief, Issue 3. 22 February 2000

With the change in the rate of import VAT on works of art, antiques and collectors' items in July 1999 [see PN/29/99, Division V16.3], an anti-avoidance measure was introduced to prevent the artificial movement of such items by people seeking to gain a tax advantage from the reduced rate of import VAT. This means that only qualifying imported goods, which have not been exported from the UK in the previous 12 months, are eligible for the five per cent effective reduced rate of import VAT.

In practice, however, works of art and

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