£10m 'national treasure' in tax tussle

by Kevin Reed

More from this author

30 Nov 2012

  • Comments

A TUSSLE over the tax status of a £10m Sir Joshua Reynolds masterpiece has reached the Royal Courts of Justice.

The taxman wants capital gains tax charged on the £9.4m hammer price of 'Omai', a portrait of Pacific Islanders that had sat on the walls of Castle Howard in North Yorkshire and was sold by Simon Howard.

The picture, which was part of the estate of George Howard, has seen his executors battling HM Revenue & Customs through the tax tribunals, reports the Yorkshire Post.

The executors argue that the painting should be treated as "plant", in terms of being used to run the house. Its value would have been written off after a period of time – and to illustrate the point the lack of the picture made no difference to visitor numbers. As such, it would avoid the CGT levy.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.