Sotheby’s Institute of Art - London held the second of its series of Art Law and Practice for Leading Practitioners sessions, on the topic of art-related taxation.
On May 9th 2016, the second of the Art Law and Practice for Leading Practitioners Series focused on UK taxation arising with the ownership, movement and sale of works of art.
Under the direction of barrister and tax specialist James Rivett of Pump Court Tax Chambers, Sotheby’s Head of Tax and Heritage Wendy Philips and VAT specialist Nigel Medhurst of chartered accountants Rawlinson & Hunter, the session considered at some depth different holding structures for art, chattels rentals, the impact of the Finance Bill 2016 in the context of proposed changes to Estate Duty on succession strategies for chattels and estates, and the VAT regime applying to the movement and sale of works of art.
Combining a review of some of the finer points of relevant law and practice for Inheritance and Capital Gains taxes, with updates in particular areas such as the changes due from April 2017 to the treatment of UK resident non-domiciliaries, and with senior representatives attending from many of the leading UK private tax specialist firms, the discussions were both detailed and wide-ranging.
Future sessions for leading art and law practitioners will be held in the fields of restitution of World War II looted art, alternative dispute resolution processes for art-related claims, and to consider potential changes to UK tax legislation following their expected publication in November.
Nigel Medhurst CTA, AIIT, Director, Rawlinson & Hunter
James Rivett, Barrister, Pump Court Tax Chambers
Wendy Philips, Senior Director / Head of Tax and Heritage, Sotheby’s
Tom Christopherson, Head of Art & Law Studies, Sotheby’s Institute of Art-London
Helena Innes-Watson, Solicitor, Macfarlanes
Piers Barclay, Partner, Macfarlanes
Henry Fea, Partner, Charles Russell Speechlys
Belinda Watson, Partner, Wilson Law
Stephanie Brobbey, Solicitor, Goodman Derrick
Clarissa Vallat, Director, Sotheby’s Tax & Heritage
Eleanor Metcalf, Partner, Wedlake Bell
Fiona Smith, Partner, Forsters
David Robinson, Partner, Forsters
Guy Abrahams, Solicitor, Forsters
Hugo Smith, Partner, Bircham Dyson Bell
Edward Perks, Partner, Currey & Co
Christopher Groves, Partner, Withers
Julia Richards, Partner, Hunters
William Hancock, Partner, Collyer Bristow
Emma Haley, Associate, Boodle Hatfield
James Kidgell, Partner, Dixon Wilson
Philip Higham, Associate, Slaughter & May
Anastasia Tennant, Senior Advisor, Arts Council England
Tom Hewitt, Partner, Burges Salmon