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Hi,
Is painting an exempt asset for CGT purpose? I thought it is exempt but in a past paper, they have calculated CGT on a painting.
Following is the link of past exam: https://ibs.tjufe.edu.cn/?wpfb_dl=631
Question : Brad
Part:(a)Please explain.
Thanks
That’s incorrect.
Paintings, as well as antiques, jewelry, statues and the like, are chattels. Chattels are tangible, moveable property.
Only chattels with a market value and a cost of less than £6,000 are exempt from CGT!
Where the proceeds and the cost are higher than £6,000 the CGT is calculated in the normal way, otherwise some special rules apply.
This really is an F6 topic. Have a look at the OT lessons and lectures on CGT: it is brilliantly explained.Thank you palmy!
I appreciate your help, actually I knew painting to be exempt until I saw the answer to the question while practicing for P2, so got confused.
You are welcome 🙂
@sidrajam said:
Thank you palmy!I appreciate your help, actually I knew painting to be exempt until I saw the answer to the question while practicing for P2, so got confused.
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