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.

This entry was posted in Tax Q&A and tagged . Bookmark the permalink.

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.




Get FREE Help with your Tax Return today from



TaxTim's award-winning tax return services are now free to all Momentum policyholders and Multiply clients:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →