London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

Painting = plant?

In a somewhat odd case the Upper Tribunal has ruled that a painting was exempt from capital gains tax as it was ‘plant’ and therefore a ‘wasting asset’.

In theory the decision could benefit others with valuable art and antiques as items from their collections may be able to be disposed of without incurring capital gains tax.  However, even if HMRC do not appeal the case we can expect some anti-avoidance rules to counter potential abuse.



Date: 10th April, 2013
Author: Cathy Corns


Articles from this Author

Contact Business Service Partners

Choose from the drop down menu below to select a Partner to contact.


Michael Lapham shortlisted in the Money Management Financial Planner Awards 2017…

#Farming trading as a #partnership potential #tax pitfalls and tips @mercerhole Phil Fenn insight @accountancylive



For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn