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art gallery

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I have a client they has received income from selling paintings and pictures from an art gallery they were involved in a number of years ago. How would you treat this on the tax return?

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By SXGuy
27th Jan 2019 19:20

Who knows? Is this a regular thing? A one off? More info needed.

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By Plantation
27th Jan 2019 19:38

There have been around 10 occasions this has occurred over a 6 month period. I am aware that I need to ascertain how it was treated in the cessation accounts of the gallery. I don't think in this example that CG applies but unsure how to deal with it as trading income.

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By Tim Vane
28th Jan 2019 01:19

Post cessation receipts. Although I think you need to check the accounts since there might have been mention of anticipated residual income which may already have been accounted for (eg he may already have wittingly or unwittingly paid tax on the income)

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