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Tax treatment of sale of art sent abroad.
My client’s wife is an art connoisseur and has started dealing in the sale of high-value art. She has to pay the agent in Asia the sale price quoted but if it sells above that price she earns the balance from the sale income. My question is whether it is the sale price that is taxable in the UK or the balance from the transaction after all allowable deductions?
A follow-up question is whether there are any ways in which it is possible to reduce tax in such transactions.
I hope Taxation readers will be able to throw some light on this scenario.
Query 18 891– Dealer.
Reply by Steve Kesby
As I understand Dealer’s question the client’s wife is selling works of art in the UK which have been sent to her for sale (at or above an agreed price) by an agent in...
