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

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL
Powered by
  • 28 Oct 2022 12:05

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

Popular Articles

Corporation Tax

What are connected companies for loan relationship purposes ― practical approach

What are connected companies for loan relationship purposes ― practical approachBrief overview of the rulesThe loan relationships legislation applies to any β€˜money debt’ arising from the lending of money entered into by a company, either as a lender or borrower. The rules are contained in CTA 2009,

20 Apr 2021 16:00 | Produced by Tolley Read more Read more
Corporation Tax

Indexation allowance and rebasing

Indexation allowance and rebasingThis guidance note explains the general rules surrounding the availability of indexation allowance (which was frozen at December 2017) on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview

14 Jul 2020 11:59 | Produced by Tolley in association with Jackie Barker of Wells Associates Read more Read more
Corporation Tax

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more Read more