Art is being moved out of Britain before the government raises taxes

Concerns over a potential increase in the capital gains tax in the UK are prompting collectors to move their artworks out of the country.

Philip Hoffman, CEO of Fine Art Group, reported that owners are prepared to move their valuables out of London en masse and pointed to a noticeable contraction in the market. Businesspeople are leaving, and there are almost no masterpieces on the level of Rembrandt and Bruegel left in the country.

Prices for everything are rising in the UK. Authorities are considering raising taxes on homes valued at one million pounds, and utility costs have also increased: 37% of residents pay more than 40,000 pounds a year for these services.

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