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A father acquired an impressionist painting from his mother on her death about 12 years ago. The father’s own son will soon have his 50th birthday and the father wishes to gift the painting to him as a present
My client’s mother died about 12 years ago and in her will she left her eldest son (my client) an original painting by a German impressionist. I do not have a current valuation of this painting but it is quite considerable probably in the region of £20 000.
My client’s son is now about to reach his 50th birthday and because the painting is now something of a family heirloom my client in turn proposes to gift this painting to his son outright without any conditions and irrevocably.
I am now wondering what the capital gains tax implications of such a gift might be and whether this needs to be declared to HMRC.
Can readers advise me in this regard?
Query 18 239 – Hugo
Reply from Nicola Keene
The legislation treats a gift of an asset as a deemed disposal at...
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