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12 February 2008
Is it possible to obtain exemption from capital gains tax on the sale of works of art used in a business? EDWARD MANISTY and JAMES RIVETT explain the conditions.
KEY POINTS
- The initial scope of the exemption for certain wasting assets.
- Are the assets used in the business?
- How do the restrictions in TCGA 1992 s 45 apply?
- The implications of a capital allowances claim.
- Is there an apportionment or is the exemption available in full?
Even if the Government's current intention to reduce the rate of capital gains tax is ultimately approved by Parliament the cost of this tax is likely to remain a serious burden to those who dispose of works of art and other valuable chattels. However it occurs to the authors that in certain circumstances chattels on display in the public rooms of a house open to the public on a business-like basis can qualify under TCGA 1992 s 45 for complete exemption from...
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