Painting held to be wasting asset (Court of Appeal) | Practical Law

Painting held to be wasting asset (Court of Appeal) | Practical Law

The Court of Appeal has upheld the Upper Tribunal's decision that a painting owned by an individual's estate but used by a company operating a tourist attraction was plant, notwithstanding that the owner differed from the business operator. Therefore, the painting was a wasting asset so no chargeable gain arose on its disposal. (HMRC v The Executors of Lord Howard of Henderskelfe (deceased) [2014] EWCA Civ 278.)

Painting held to be wasting asset (Court of Appeal)

Practical Law UK Legal Update Case Report 9-561-9186 (Approx. 3 pages)

Painting held to be wasting asset (Court of Appeal)

by Practical Law Tax
Published on 21 Mar 2014 • United Kingdom
The Court of Appeal has upheld the Upper Tribunal's decision that a painting owned by an individual's estate but used by a company operating a tourist attraction was plant, notwithstanding that the owner differed from the business operator. Therefore, the painting was a wasting asset so no chargeable gain arose on its disposal. (HMRC v The Executors of Lord Howard of Henderskelfe (deceased) [2014] EWCA Civ 278.)