We are pleased to inform that Cromwell Place has now been granted its own Temporary Admission (TA) authorisation by HMRC, which provides a number of potential benefits.
Importing artwork from outside of the European Union under TA provides Members with relief from payment of duty or import VAT for up to two years at a time. Additionally, if an artwork is sold whilst on TA and permanently imported in the UK in the name of the end-user (whether a registered business or private individual), they will benefit from the reduced import VAT rate for artworks – which at 5% of the sale value is currently the lowest in Europe.
By way of our partnership with IBI International, Members are afforded negotiated rates for the flexible use of their comprehensive art service offering. Including the shipment of works within the UK and internationally, use of the customs bonded off-site storage facilities, (located a 20 minute drive from Cromwell Place), packing, handling, insurance, and any other service you may require involving the shipment of your artworks.
Operating in over 120 countries, IBI has one of the largest and most secure networks of air, land and sea support in the world resulting in rapid, cost-effective, and reliable transportation.
Members are currently able to make use of the off-site storage facility and place shipping arrangements through our partner. For any enquires regarding these services please contact our Head of Logistics, Craig Wilson.