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Sam, Accountant
Category: Tax
Satisfied Customers: 14154
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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A valuable work of art (family piece) was stolen from a UK

Customer Question

A valuable work of art (family piece) was stolen from a UK provincial gallery in 2012. The gallery were responsible for insuring it and subsequent to our receiving insurance monies after 2 years of crime investigation - the work not having been found - we discovered that the gallery had substantially underinsured it. Whilst we know we can't claim from the government insurance scheme the short fall - we (family) have had to pay CGT on the payout. Our intention was to sell the work (along with 3 others in the set) at some stage, by private treaty whereby there are tax advantages. Could we claim back part of the CGT already paid - which potentially would have been reduced through a sale by private treaty? We didn't want to claim the insurance monies but the investigation was going now-where.
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.
Thanks for your question, I am Sam and I am one of the UK tax experts here on Just Answer.
I am afraid the answer is no, as the gain would have been calculated on the position of fact, rather that what would have been, and its on facts that HMRC base their calculations.
I am sorry the news is not ore favourable, as you seem to have lost out twice here, which is regrettable.