The UK Treasury has announced an extension of the Temporary Admission period for fine art and antiques from two to four years, allowing items to enter the UK without import duties. This change aims to bolster the UK’s art market, which has faced challenges from Brexit-related tariffs and a reported 16% decline in cross-border trade between 2022 and 2023. The policy change, supported by the British Art Market Federation, reflects the government's effort to enhance the UK’s competitiveness in the global art market while easing pressure on dealers to sell quickly in a tough economic environment.
The extension will make it 'much easier to use the UK as a trading destination,' easing pressure to sell quickly and helping the ailing art market.
With post-Brexit imports and exports of art showing a 16% decline, the extension of TA signals a recognition of the sector's challenges.
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