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
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