Are you planning to own, move or store works of art or cultural property?
If yes, it’s important to know these are also subject to VAT and customs law. This is whether they’re onshore or on board your yacht or aircraft.
In addition to this, yacht and aircraft artwork taxation is complex. For example, the industry is characterised by a wide use of the following, each one bringing its own tax consideration:
- Intermediaries and galleries for sale and purchase.
- Storage, such as in warehouses.
- Logistic handling and movement companies.
- Moving artwork across customs territories.
All this activity naturally raises important tax issues, primarily for the artwork owner. Non-compliance is also a serious offence with consequences ranging from tax charges to artwork seizure and prosecution.
How Y & A Group, LP can help
Y & A Group, LP’s specialist VAT and taxation service enables you to comply with all the applicable works of art rules. This means you can own, move and store your artwork without issue. This is both on and off your yacht or aircraft.
Find out more.