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TaxRobin
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Experience:  International tax
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I have been given some artwork which I have sold to a friend.

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I have been given some artwork which I have sold to a friend. Do I pay any tax on what I was paid for the pictures?
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for allowing me to assist you.
If you looked at the HMRC site then you must have read Personal possessions that may be liable to Capital Gains Tax when you sell or dispose of them include:
jewellery
paintings
antiques
coins and stamps
You do not pay CGT on Personal possessions that are individually worth £6,000 or less at the time you sell or otherwise dispose of them. You did not say how much you received but if they were not (each not as a whole) worth more than £6,000 you do not report or pay tax on the sell.
If any of the paintings were worth more then you work out the gain for each. The cost (to start with)of a gift made after 31 March 1982 - you use its market value when it was given to you.
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