Discussion
That would be yes , after all you would be due to pay CGT on Art if you had made profit
https://www.gov.uk/capital-gains-tax-personal-poss...
https://www.gov.uk/capital-gains-tax-personal-poss...
The question is whether what you're calling "Art" is genuinely art or is actually chattels.
In the same way you can't claim a CGT loss on sofas and wardrobes you can't claim a CGT loss on everyday wall decoration. But if it's a limited number of pieces and all properly documented you should be on good ground.
Yes, the same CGT regime applies across everything. Residential property is the only oddity in terms of tax rate and payment date.
In the same way you can't claim a CGT loss on sofas and wardrobes you can't claim a CGT loss on everyday wall decoration. But if it's a limited number of pieces and all properly documented you should be on good ground.
Yes, the same CGT regime applies across everything. Residential property is the only oddity in terms of tax rate and payment date.
tbh The Gov site does actually state " Possessions" of 6k or more . The items mentioned are just examples
I'm sure there is a detailed description somewhere in the actual legislation , but that's too much work and if they state on their own gov website in unambiguous language...I just go wit that
more verbiage https://www.gov.uk/guidance/shares-and-assets-valu...
I'm sure there is a detailed description somewhere in the actual legislation , but that's too much work and if they state on their own gov website in unambiguous language...I just go wit that
more verbiage https://www.gov.uk/guidance/shares-and-assets-valu...
Edited by PM3 on Tuesday 5th March 13:40
There are some weird rules in CGT.
I sold a boat at a loss in the same year I sold some shares at a profit.
I got diverse opinions, including from two people in HMRC whether I could use the boat as a tax loss.
I found it easier to spread the share sale over two years than to get a proper answer.
But I was getting told that just because you might have to pay CGT if you make a profit on something doesn't always make claiming a loss allowable.
I'm pretty sure the rules keep changing too!
I sold a boat at a loss in the same year I sold some shares at a profit.
I got diverse opinions, including from two people in HMRC whether I could use the boat as a tax loss.
I found it easier to spread the share sale over two years than to get a proper answer.
But I was getting told that just because you might have to pay CGT if you make a profit on something doesn't always make claiming a loss allowable.
I'm pretty sure the rules keep changing too!
I'd heard that Art was CGT-free... so I googled and found this:
https://www2.deloitte.com/content/dam/Deloitte/lu/...
UK is on p9.
https://www2.deloitte.com/content/dam/Deloitte/lu/...
UK is on p9.
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