Readers’ forum: Did client cease work after stopping commissioned work?

My client is a successful commercial artist. He has built a business from painting pictures on commission of pets houses and children. But he is now of an age when he just wants to paint subjects of his own choice in a more personal style. So he will discontinue the commission work. He will paint mainly for pleasure but will still exhibit work in local exhibitions and offer paintings for sale though the income from this will be much less than from his commissioned work.

Over the years he has built up a fair amount of material paint canvasses etc and these now have significant value. On a cessation of trade (and I think that this is a trade rather than a profession) of a cash business I believe that an adjustment would have to be made to bring the value of...