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Lord Howard of Henderskelfe’s Executors v HMRC

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.

Read the decision

Why it matters: TCGA 1992 s 45 provides that subject to certain conditions ‘no chargeable gain shall accrue on the disposal of ...

an asset which...

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