Appeal against a charge to capital gains tax on the sale by the Appellants of the painting Omai by Sir Joshua Reynolds which was owned by them and lent to the Castle Howard Company which displayed the painting – Appellants claimed that they were entitled to relief under Section 45 of the Capital Gains Act 1992 on the basis that the painting was plant in the hands of the Company and a wasting asset – appeal dismissed
Citations:
[2011] UKFTT 493 (TC)
Links:
Jurisdiction:
England and Wales
Capital Gains Tax
Updated: 31 August 2022; Ref: scu.449447