How does the tax on selling painting given to me as a gift get calculated?

Posted 14 October 2012 under Tax Q&A
Hi, just want to know I was given a painting as a gift by my grandmother years ago and now want to sell it on an auction in London, the proceeds will be deposited into my bank account after vat and costs (handled by a professional auctioneer company in south africa). I want to know how do I handle the tax situation.

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TaxTim TaxTim says:
7 October 2012 at 16:33

A painting given as a gift by your grandmother is what is called a "personal-use-asset" and is specifically excluded from Capital Gains Tax and therefore no tax would be payable on the profits of this sale.

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