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RJM Law
RJM Law, Lawyer
Category: Law
Satisfied Customers: 3484
Experience:  LL.B (Hons)
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Uk England, capital gains, I Won a piece of art and i had it

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JA: Where is this? It matters because laws vary by location.
Customer: uk England
JA: What steps have been taken so far?
Customer: capital gains
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I Won a piece of art and i had it valued at the time it was over £100k I sold for £160k minus £20k fees so £140k left . Will I be liable for capital gains

Welcome and thank you for choosing our service, I will be the expert assisting you with this matter today.   I appreciate this matter is important to you and I shall try to resolve it as precisely and quickly as possible for you today.

Please note; there may be delays between messages as the experts on this website all work on a third party basis and are not online full time however, I shall endeavour to respond to your question as soon as possible.  I look forward to assisting you in this matter.

Thank you.

Customer: replied 12 days ago.
Thank you

Thank you for the question.   You will likely require to pay taxation on the sale of the art work yes, however it may not be capital gains tax.  This could be personal margin income tax, this will depend mainly on the length of time you have held the artwork for.  However, the top tax rate for art work is 28%.

Hopefully, I have answered your query in a way that is simple and easy to understand. If anything remains unclear, I will be more than happy to clarify it for you. In the meantime, thank you once again for using our services.

Should you require any further assistance on this matter, please do not hesitate to post a further questions for additional assistance.

Kindest Regards.

Customer: replied 12 days ago.
I’ve had the art over a year before I sold it. Would my gain be on the £40000
Customer: replied 12 days ago.
Do you do uk law ?

Yes.

Customer: replied 12 days ago.
Ok so what do you advise

You will also have a non taxable element on the sale if there is income taxation on the artwork, however given the length of time you have had it, you may not require to pay capital gains tax on the artwork, so long as it was not for business trade, or commercial purposes.

Customer: replied 12 days ago.
Thank you . It’s not for business or commercial . I used the money to buy myself my first property .

You are welcome, it usually prior to purchasing a home you are required to provide proof of funds, if the artwork. helped provide pay for this then it would possibly be highlighted at this point.

Customer: replied 12 days ago.
I had to show proof of funds to my solicitor etc which I used my art work sale as proof of funds

You should hopefully be fine then.

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