Proposed Tax Changes Worry British Art World

LONDON—The British art world is up in arms about proposed tax increases for nondomiciled foreigners that many say will drive wealthy art collectors and donors from the country, reports London's Times. Under the proposed changes, artworks brought into Britain will be taxed at 40 percent of their value, and the law would also be applied retroactively. Tate director Nicholas Serota said the move would have a devastating impact on the nation's museum and galleries, which currently receive substantial funding and donations from foreigners living in Britain. He believes the new rule would restrict both the acquisitions of new works and planned building projects like the £215 million extension to the Tate Modern. Said Serota, “My fear is that people who have works in the collection will take them out simply out of fear of what is to come.”