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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.

     

  • Related Services

    Wills, Trusts & Tax Planning

    Our specialist lawyers provide high quality, intelligent advice that is comprehensive, considered and clear.

Get In Touch

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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