I have an artist client who spends between 1 and 3 months on each painting.
The paintings are not offered for sale but are scanned hi res and the resultant image is used to prepare prints which are for sale. there are approx 55 of these originals in storage at the studio. There is no intention to sell them and they do only get sold at about one every 5-10 years.
Last year one of them was sold for several thousand pounds.
it would seem appropriate to exclude this from the p & L, cap allowances have never been claimed (or attempted to be claimed!)
What do the panel think?
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Wagons roll!
Agree with Steve. Worth taking a look at http://www.hmrc.gov.uk/manuals/bimmanual/BIM35480.htm because this looks similar to Gloucester Wagon Co Ltd v CIR. Note especially the remarks of Judge Eve.