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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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?
Same thought same time.
We're going to have to stop sharing that braincell.
I'll go halves ....
Not sure how it was dealt with on cessation
Worth asking the question of the client then.
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.