Art, antiques, & antiquities: Racheal Muldoon reviews the key changes to UK-EU trade post-Brexit
- Commercial implications of the EU-UK Trade and Cooperation Agreement for art businesses and investors, including tax implications, import and export licensing requirements, and data protection.
This article examines the commercial implications of the EU-UK Trade and Cooperation Agreement (TCA) for art market participants (AMPs), comprising artists, art businesses, and investors engaged in the trade of art, antiques, and antiquities (AAAs). The following will be addressed with reference to the text of the TCA and recently published UK government and Arts Council England (ACE) guidance:
- the new VAT treatment applicable to imports and exports;
- import and export licensing requirements;
- the operation of the artist’s resale right (ARR); and
- data protection.
Tax implications
The most significant change arising from the TCA to the way in which AMPs do business, is the new value added tax (VAT) treatment applicable to imports and exports. AMPs must quickly familiarise themselves with these new measures and work closely with their clients, customs clearing agents, freight forwarders, hauliers, legal advisers,
