Non-dom crackdown may hurt art world
Leading galleries say non-dom loss could impoverish UK art scene
The crackdown on non-domiciled taxpayers could kill off art donations from
wealthy individuals and deter foreign collectors from lending works to local
exhibitions.
The Victoria & Albert Museum, Tate and Courtauld Institute of Art have
all expressed concerns about the impacts of the rules, the FT reports,
as fears grow that the wealthy foreigners will leave the UK.
Under the new rules, non-doms bringing art into the UK from April will face a
tax charge. This has prompted business figures to push the Treasury to create an
exemption for art and heritage items that will benefit the public.
‘A significant number of our most generous donors and enthusiastic supporters
are believed to be non-doms. We are particularly worried about the current
interpretation of the proposed rules on remittances, which may discourage
non-doms from bringing art into the UK,’ said Tate Trustees chairman Paul
Myners.
The new non-dom rules will require non-doms to pay a £30,000 levy in order
keep the foreign free from UK tax.
Further reading:
Digby Jones breaks ranks over non-dom
tax
Lord Mayor of London attacks non-dom
policy