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  • Overview

    When is a painting not a painting? When it’s a plant. Confused? Jeremy Passmore explains why your painting of a plant may be taxable – but your plant of a painting may not be.

    In a recent case, the executors of a deceased member of the Howard dynasty argued that their painting by Sir Joshua Reynolds, entitled Omai, should not be taxed because it was a wasting asset.

    The technical basis for the argument is that wasting assets are not subject to a charge to Capital Gains Tax on their disposal. In general a wasting asset is one with a predictable life of no more than 50 years, and clearly Sir Joshua's effort would fail to satisfy that test, having already survived centuries.

     

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By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

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'For you' Newsletter'For your business' NewsletterConstruction LawThe DeputyTotaland Law Agriculture & RuralTotaland Law Development & PlanningTotaland Law GeneralTotaland Law Landlord & TenantTotaland Law Property & Finance Workplace Law
I agree to be 'opted in' to receive the Thomson Snell & Passmore communications I have selected above. I understand that this means they will send me relevant content based on the options I have selected. \n\n If you do not wish to receive promotional material from Thomson Snell & Passmore please contact us using the following link: info@ts-p.co.uk
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