pw
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October 2006
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Art & Tax, by pw on May 13, 2007 23:06:21 GMT 1, ok, so given the crazy prices that Banksy artwork is selling for at the moment, I was wondering what is the liability regarding tax when you sell a valuable piece of art?
as an example, the guy who just sold the 6 LA p/p pieces just made over £40,000 profit in six months. I'm no tax accountant but I assue he should be paying tax on this in some form - either income tax or capital gains tax. or maybe theres a different tax for art?
lots of people on this forum have probably sold prints for large profits, and not declared it (myself included), but could we be done for tax evasion? 
ok, so given the crazy prices that Banksy artwork is selling for at the moment, I was wondering what is the liability regarding tax when you sell a valuable piece of art? as an example, the guy who just sold the 6 LA p/p pieces just made over £40,000 profit in six months. I'm no tax accountant but I assue he should be paying tax on this in some form - either income tax or capital gains tax. or maybe theres a different tax for art? lots of people on this forum have probably sold prints for large profits, and not declared it (myself included), but could we be done for tax evasion? |
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stuey09
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August 2008
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Art & Tax, by stuey09 on May 13, 2007 23:16:16 GMT 1, Yeah, I'm sure that you're meant to cough the tax up. But given that Brown is just about to get quite a bit out of me for stamp duty, he can kiss my arse if he thinks I'm handing anymore over.
Yeah, I'm sure that you're meant to cough the tax up. But given that Brown is just about to get quite a bit out of me for stamp duty, he can kiss my arse if he thinks I'm handing anymore over.
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pw
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October 2006
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Art & Tax, by pw on May 13, 2007 23:21:44 GMT 1, as someone once said, theres only two certainities in life - death and taxes.
but I'm sure I read something somewhere about special taxation laws for artwork.
as someone once said, theres only two certainities in life - death and taxes.
but I'm sure I read something somewhere about special taxation laws for artwork.
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mickg
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March 2007
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Art & Tax, by mickg on May 14, 2007 0:32:56 GMT 1, I think that art counts as a chattel and is therefore exempt from Capital Gains Tax, but does anyone know for sure?
Also there is a new law about paying the artist a percentage of sell-on profit - I think it has just come into force here after existing in Europe for a while. Again anyone know for sure?
I think that art counts as a chattel and is therefore exempt from Capital Gains Tax, but does anyone know for sure?
Also there is a new law about paying the artist a percentage of sell-on profit - I think it has just come into force here after existing in Europe for a while. Again anyone know for sure?
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Art & Tax, by daz205 on May 14, 2007 11:23:09 GMT 1, i think capital gains is any profit over 8.5k in one year
i think capital gains is any profit over 8.5k in one year
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Art & Tax, by dmandpenfold on May 14, 2007 14:27:09 GMT 1, daz, that sounds about right unless your selling art as a major source of your income.
there was a previous thread about on-selling and sharing profit with the artist somewhere, i think Nick Walker got a bashing before the facts were fully established and it turned out to be the gallery not Nick that was trying to cash in.
daz, that sounds about right unless your selling art as a major source of your income.
there was a previous thread about on-selling and sharing profit with the artist somewhere, i think Nick Walker got a bashing before the facts were fully established and it turned out to be the gallery not Nick that was trying to cash in.
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