The UK government has announced an extension to the “Temporary Admissions” (TA) period for fine art and antiques, meaning that as long as they are exported within four years they will not be subject to import duties.

In what is widely seen as a fillip for the UK art market, exchequer secretary James Murray announced earlier this month that the TA period has been increased from two years to four. Dealers will now pay no import tax on pieces imported into the UK, as long as they are exported again within four years.

The adjustment is likely to affect London in particular in its position as one of the world’s three largest international art hubs, especially as New York and Hong Kong do not levy comparable taxes.

“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.”
Chris Bryant, minister of state for the department of media, culture and sport