Hi.A painting is classed as a chattel, a personal possession for tax purposes and any gain is covered by the chattels rules which you can read about here.If the painting sells for £30,000, then the normal CGT rules (not the chattels rules) apply. You deduct the purchase price or the the March 1982 value if it was bought before then from the net of sale expenses proceeds to arrive at the gain or loss. If there is a gain, you then deduct the annual CGT exemption of £10,900 from the gain and that leaves you with either the net taxable gain or no taxable gain.There are two rates of CGT, 18% and 28%. The rate or combination of rates you will pay will be dependent on the level of your income in the tax year of disposal of the property. Assuming you sell the painting in the 2013/14 tax year, the following will apply:1 If your income in 2013/14 including the taxable gain is £41,450 or less, then all the taxable gain will be taxed at 18%.2 If your income in 2013/14 excluding the taxable gain is more than £41,450, then all the taxable gain will be taxed at 28%.3 If your income in 2013/14 excluding the taxable gain is less than £41,450 but more than £41,450 when you include the taxable gain then part of it will be taxed at 18% and part at 28%.I hope this helps but let me know if you have any further questions.