|
|
|
From 6 April 2008, if a non-UK domiciled individual living in the UK
brings a work of art to the UK, the value of that work would be matched with
the foreign income and gains used to buy it. That value would then be
assessable to UK tax.
A relaxation of the remittance rules means that such works of art brought to
the UK for either a limited or indefinite period for the purpose of showing
them to the public will not be treated as a taxable remittance. The
exemption will also cover works of art not on public display but held in
certain approved establishments, such as schools and universities.
Our view
Without this exemption there would be a disincentive to foreigners who
have valuable works of art who might want to share them with the UK
public. This exemption is to be welcomed as it will allow public
spirited people to share their art with the UK people. |
|
|
