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The taxpayers were the executors of Lord Howard of Henderskelfe who died in November 1984.
He had lived at Castle Howard which was owned by the Castle Howard Estate Ltd and he owned many works of art that he permitted the company to use for exhibition in the public part of the house.
Under an agreement the company bore the costs of insurance restoration and security.
During 2001/02 the executors sold a painting used by the company for £9.4 million. The gain was included on the taxpayers’ trust and estate tax return as a chargeable gain.
The executors later wished to amend the return to say the gain on the painting was exempt from capital gains tax by virtue of TCGA 1992 s 45.
They...
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