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Art gallery

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I have a client who has sold some painting / artwork from a gallery he was involved in a number of years ago. How would you treat this for tax purposes? 

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By Accountant A
27th Jan 2019 17:01

I suspect that the answer lies in the full detail, which you haven't given. It seems that the artwork may simply be trading stock in which case the profit would be a trading profit. If he was trading and then ceased to trade, how was the artwork accounted for on cessation?

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By Tax Dragon
27th Jan 2019 17:06

Same thought same time.

We're going to have to stop sharing that braincell.

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By Accountant A
27th Jan 2019 17:25

Tax Dragon wrote:

Same thought same time.

We're going to have to stop sharing that braincell.

I'll go halves ....

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Replying to Accountant A:
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By Tax Dragon
27th Jan 2019 17:47

Bagsy the morning half.

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Replying to Accountant A:
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By Plantation
27th Jan 2019 17:07

Not sure how it was dealt with on cessation

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By Accountant A
27th Jan 2019 17:35

Plantation wrote:

Not sure how it was dealt with on cessation

Worth asking the question of the client then.

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By Tax Dragon
27th Jan 2019 17:03

Was he the artist?

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By Plantation
27th Jan 2019 17:06

No

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By Tax Dragon
27th Jan 2019 17:45

You want to play 20 questions? Is you client's surname Getty?

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By Rweaver
27th Jan 2019 17:30

Gosh, such comprehensive information.

Based on what has been provided, I can narrow the relevant tax(es) down to: Income Tax, National Insurance, VAT, Capital Gains Tax, Corporation Tax, or no tax.

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Replying to Rweaver:
ALISK
By atleastisoundknowledgable...
27th Jan 2019 18:35

At least IHT is clear though.

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By andy.partridge
27th Jan 2019 18:48

According to the facts.

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Replying to andy.partridge:
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By Tax Dragon
27th Jan 2019 18:55

Sagely said.

Tag, you're it, I'm out.

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By andy.partridge
27th Jan 2019 19:38

More a game of Pass the Bomb.

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By Tax Dragon
27th Jan 2019 18:52

Did he own the painting / artwork?

Forget 20 questions... give us a clue.

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