UUΒγΑΔΦ±²₯

Exemption for the disposal of antiques and works of art


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance

Exemption for the disposal of antiques and works of art


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance
imgtext

This guidance note provides an overview of the exemption of the sale, gift or reallocation of assets ― normally from historic houses ― located in the UK.

Business or private assets

The disposal of any assets from a house used as a private residence will normally be outside the scope of VAT. However, if a business charges an admission charge to enter a house (for example a house of historic importance), then the house will be deemed to be used for business purposes. If the business is registered for VAT, HMRC will view any assets that are on public display, such as furniture, antiques, works of art, etc as business assets for VAT purposes. Therefore, the disposal of any business assets will be within the scope of VAT (although it may be possible for such assets to be reallocated as

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+β„’
TAKE A FREE TRIAL NOW
Powered by
  • 28 Oct 2022 12:05

Home/ Tolley Tax Guidance/ Value Added Tax / Determining VAT liability

Popular Articles

Personal Tax

Married couple’s allowance

Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There

14 Jul 2020 12:13 | Produced by Tolley Read more Read more
Personal Tax

Self assessment ― amendments and corrections

Self assessment ― amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the

14 Jul 2020 13:37 | Produced by Tolley Read more Read more
Employment Tax

Subsistence expenses

Subsistence expensesIntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel which is not to a permanent workplace. See the Travel

14 Jul 2020 13:43 | Produced by Tolley in association with Philip Rutherford Read more Read more