Mr Tabor, a former Department of Trade official who runs Art Plus International Services, says HM Customs and Excise have told him that they will use their discretion in assessing re-imported works of art for VAT at 17.5 per cent.
Art importers who have completed the necessary checks and filled out the relevant paperwork should not be charged the extra swinging rate, he says.
No need for panic on import VAT
UK: ART importer and exporter Ron Tabor says he believes the Trade has nothing to fear from Customs over the recent closure of the VAT loophole on re-imported works of art which appears to threaten those who inadvertently bring back works of art which have been recently exported from the UK.
