The CCH Tax Challenge

Make your large art collection available for public viewing on a small number of days in the year so that the Conditional Exmption Tax Incentive applies and no CGT or IHT is ever payable.

Um.. now who may have just done something along those lines???

1. Determine whether or not you wish or need to dispose of your asset(s)
2. Seek appropriate tax advice.  Depending upon your circumstances the rate of tax on a capital disposal can be somewhere between 0% and 29.75%.
3. Consider question 1. again, enlightened by the information acquired at step 2.
4. If you still want to dispose of your asset(s), do so and if necessary keep the appropriate funds to one side to pay any tax due.
5. Enjoy your life and sleep soundly.

It is a question of multiple choice:

1. Do you plan to sell before 6 April anyway? If not go to 2.2. Do you believe the government when it says it wants a stable tax system? Thought not – go to 3.3. Do you plan to emigrate before you sell? If not go to 4.4. Do you want to engage in a high risk tax “strategy”? If not go to 5.5. Help me estimate how much extra tax might be due if rates go up.6. Estimate how long it is likely to be before you sell.7. Balance the results of 5 & 6 against the costs of triggering a gain now – perhaps by using a deferred completion contract with a settlor interested trust.  

 Emigrate!!

?????

...will be announced shortly! Apologies for the delay!

According to the terms and conditions, the selection is random so we each have 25% chance!

How long is short?

T&C say that a draw will take place a week after the close. That is nearly a week ago!

Apologies for the delay. The winner is...Bazoomer!

Congratulations. Your vouchers are winging their way to you now. (If you haven't already received them!)