Discussion
One for the accountants and something that has got me thinking.... more of a curiosity !
I (unfortunately) love expensive paintings.... I haven't bought one for a while but i was wondering whether there was a relationship between Art and Tax these days.
Is there any tax benefit in buying art?
Just a curiosity....
...and many thanks in advance.
I (unfortunately) love expensive paintings.... I haven't bought one for a while but i was wondering whether there was a relationship between Art and Tax these days.
Is there any tax benefit in buying art?
Just a curiosity....
...and many thanks in advance.
No.
However, if you have a business premises and you buy the odd painting for the office, that would be allowed as an expense against the business profit.
Obviously, if it was an original Van Gogh or Picasso you might have a job excplaining to HMRC why it shoyuld be treated as a revenue expense rather than a capital purchase.
Serious and expensive art would be treated as an asset and would be subject to Capital Gains Tax on disposal.
However, if you have a business premises and you buy the odd painting for the office, that would be allowed as an expense against the business profit.
Obviously, if it was an original Van Gogh or Picasso you might have a job excplaining to HMRC why it shoyuld be treated as a revenue expense rather than a capital purchase.
Serious and expensive art would be treated as an asset and would be subject to Capital Gains Tax on disposal.
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