Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

New queries, issue 4196

03 March 2009
Issue: 4196 / Categories: Forum & Feedback
Art critic’s income from inherited works of art; reclaiming VAT on entertaining; payment in shares rather than cash; tug-of-love pet

For art’s sake

Our client has an international reputation having spent his life working in the arts writing books catalogues and articles curating exhibitions judging and lecturing etc. We have prepared accounts as ‘art critic writer lecturer etc’.

Two relations were eminent foreign artists writers and filmmakers. When they died about 20 years ago our client inherited a considerable amount of material including films paintings manuscripts correspondence drawings etc.

During these years he has spent a considerable amount of time arranging and collating this material exhibiting and selling paintings arranging the publication of books and catalogues collecting royalties etc.

Occasionally a profit was made from these estate activities and we informally agreed with a local Inspector of Taxes that this should be treated as a separate second trading venture.

...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon