In Lord Howard of Henderskelfe’s Executors v HMRC (TC01340 – 18 August) executors sold a painting for £9 400 000.
They declared the gain on their return but subsequently sought to amend the return on the basis that the sale of the painting was exempt under TCGA 1992 s 45.
HMRC issued a closure notice stating that CGT was chargeable on the disposal.
The executors appealed contending that the painting was ‘plant’ and was a wasting asset.
The First-tier Tribunal rejected this contention and dismissed the appeal.
Judge Radford held that the painting was not ‘plant’ and was not a wasting asset.
In Lord Howard of Henderskelfe’s Executors v HMRC (TC01340 – 18 August) executors sold a painting for £9 400 000.
They declared the gain on their return but subsequently sought to amend the return on the basis that the sale of the painting was exempt under TCGA 1992 s 45.
HMRC issued a closure notice stating that CGT was chargeable on the disposal.
The executors appealed contending that the painting was ‘plant’ and was a wasting asset.
The First-tier Tribunal rejected this contention and dismissed the appeal.
Judge Radford held that the painting was not ‘plant’ and was not a wasting asset.
