Court of Appeal rules painting taxable as plant
A dispute over how a famous painting in a stately home should be taxed recently reached the Court of Appeal.
The court ruled in favour of the taxpayer (The Executors of Lord Howard of Henderskelfe), who had won a case in the upper tribunal.
The dispute is about whether a painting by Sir Joshua Reynolds is a “wasting asset” and exempt from capital gains tax.
The custodians of a stately home which featured in the BBC television series Brideshead Revisited, have been spared a tax bill on the £9.4m sale of a famous eighteenth century painting after winning the latest case.
HMRC won a case in the the first-tier tribunal, but this...