The Executors of Lord Howard of Henderskelfe (Deceased) v The Commissioners for HM Revenue and Customs: [2013] UKUT 0129 (TCC)

Upper Tribunal Tax and Chancery decision of Mr Justice Morgan on 11 March 2013.

Read the full decision in The Executors of Lord Howard of Henderskelfe (Deceased) v The Commissioners for HM Revenue and Customs: [2013] UKUT 0129 (TCC).

Taxation of Chargeable Gains Act 1992, sections 44 and 45 – whether a valuable painting displayed in Castle Howard was “plant” within section 44(1)(c) of the 1992 Act – whether the painting satisfied the test as to function – whether the painting satisfied the test as to permanence – whether the painting was not plant in the hands of the owner who disposed of it when the business in which the painting was used was not that of the owner of the painting but of a company, Castle Howard Estate Ltd – whether painting a “wasting asset” within section 44 of the 1992 Act – whether owner of painting entitled to exemption from capital gains tax pursuant to section 45(1) of the 1992 Act.

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