ARTICLE · 27 MARCH 2014

Weekly Tax Update - Monday 24 March 2014

Smith & Williamson

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Smith & Williamson’s 2014 Budget commentary and a 2014/15 tax rate card are available to download from our website

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Smith & Williamson

1 General news

1.1 Budget 2014

Smith & Williamson's 2014 Budget commentary and a 2014/15 tax rate card are available to download from our website:

link to the commentary booklet:

www.smith.williamson.co.uk/uploads/publications/budget-report-2014.pdf

link to the Tax Rate Card:

www.smith.williamson.co.uk/uploads/publications/tax-rate-card-2014.pdf

2 Private client

2.1 Painting treated as plant, so CGT exempt

The Court of Appeal has upheld the decision of the Upper Tax Tribunal, finding in favour of the taxpayers, the executors of Lord Howard of Henderskelfe (deceased). This confirmed that a painting owned by the Executors of Lord Howard, but used by a company in its trade at Castle Howard, fell to be treated as plant and as such it was exempt from capital gains tax in the hands of the Executors.

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