The UK Treasury has extended the period during which imported art and antiques can remain in the country without attracting import duties.
Under the Temporary Admission procedure, which relieves import duties for eligible goods, the time limit for fine art and antiques will increase from two to four years.
The policy change was announced by the exchequer secretary James Murray, alongside a raft of other changes aimed at transforming HMRC “into a quicker, fairer and more modern body”.
The extension will mean that art dealers will pay no import tax on artworks or antiques brought into the UK, as long as they are exported within the four year period.
The move is seen as a boost to the UK’s international competitiveness. It is particularly relevant to London, which is a large global hub for the international art market.
Commenting on the change, arts minister Chris Bryant said: “Our art market is bigger than the whole of the rest of the EU art market put together and we want to keep it that way.
“We pledged that we would take action to help the British art market and that’s precisely what we’re doing.”