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Readers’ forum: Profit or capital gain?

26 January 2021
Issue: 4777 / Categories: Forum & Feedback
Taxing valuable image painted on a main residence.

I was intrigued by the story of the property owner who woke up one morning to find that the side wall of her house had been painted by the world-famous artist Banksy.

I would not want to get too caught up in the aspects of that particular case but does it give rise to potential tax implications because it seems that Banksy does paint on various public and private properties?

Let’s say that someone has lived for many years in a property that is their main residence. The property is for sale but a Banksy painting appears on the wall of the house meaning that the value of the property is substantially increased.

Assuming the property sells for that increased value is there a capital gains tax liability on part of the sale proceeds or is the whole amount exempt under TCGA 1992 s...

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