Emin-grating… (er, sorry).
Posted by cathedralofshit on October 7, 2009
Man the barricades! As widely reported in the weekend news Tracey Emin might bugger off to France because of the new rate of 50% income tax on the highest earners in our fair land. And given that many of her collectors enjoy the fruitful benefits of erm, tax management, why indeed not? Well because Ireland might be a better bet - as the infamous section 195 of the Taxes Consolidation Act 1997 means that earnings made from works deemed artistic by the Revenue Commissioners are tax-free. But what’s this – a fly in the oinment? Not only does it look like that Ireland’s scheme (which has attracted fellow high-profile artistic refuseniks like erm, Freddy Forsythe) might be under threat: (see http://news.bbc.co.uk/1/hi/8245598.stm), there’s also the small matter that the Irish Revenue Commissioners get to decide whether the art works in question have either “cultural or artistic merit” in order to qualify from exemption.
Oh well France it is for our favourite Emin-ence-Grease (is that how you spell it editor?)!