Chiene + Tait Warn Of Hidden Tax On Family Heirlooms
Sunday, February 19th, 2012
on behalf of Project Work and Other Clients
Hidden treasures unlock PR Scotland for chartered accountants in popular Sunday newspaper
The firm explained that due to the rising success of popular antiques programmes, an increasing number of people hoping to boost their bank balance by selling trinkets buried in their attics are falling victim to unexpected Capital Gains Tax. Capital Gains Tax is due on any item sold for more than £6000.
Tax Partner Helen Mackenzie advised that anyone considering selling family heirlooms should investigate possible solutions to limit the percentage taken from their sale.
She says in the article: “For those keen to realise value from family heritage items, the big figures quoted on programmes like the Antiques Roadshow have a hidden tax sting in the tail.
There are simple steps that can be taken to mitigate Capital Gains Tax. Before rushing out to sell an item for thousands of pounds, independent advice should be sought to help limit the slice taken by the taxman.”
Helen Mackenzie is just one of several accountants who are concerned by the number of people who are unaware that the tax could be applied to their antiques.
In addition to accounting, the firm offers advice in the fields of assurance, VAT, employment, personal and corporate taxation, management accounts, risk advisory, corporate finance, specialist sector advice and Tax, IT and HR consultancies. Further information can be found on the Chiene + Tait website.