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.
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 Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.