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Posted Thu, 16 Nov 2023 15:32:35 GMT by
Hi, I have tried looking around google and forums for a whole day, and cannot see anywhere what is correct thing to do for me. I am a full time artist, I am going to sell my own paintings but I am not sure whether this falls under Capital Gains Tax or Income Tax rules for the purpose of taxation. I am aware that since it is my "trade" I can report it under income tax. But I'm wondering if this can be treated under Capital Gains Tax rules instead, or if there is a set rule on this that I have to follow. I will also trade fine arts of other artists, which I believe will fall under the CGT. Any help/clarification would be very much appreciated.
Posted Mon, 20 Nov 2023 14:40:22 GMT by HMRC Admin 5 Response
Hi

Please refer to guidance at Personal possessions and Capital Gains Tax 2023 (HS293)

Should you need further assistance after reviewing this, you wil need to contact as by telephone on 0300 200 3300

Thank you
Posted Tue, 21 Nov 2023 12:46:16 GMT by
Hi thanks for your reply but it does not really answer my question. My question is regarding "own painting" as in "original painting" that I painted myself. Anyone with a clear idea on this I'd really appreciate, thanks!
Posted Wed, 22 Nov 2023 16:05:26 GMT by HMRC Admin 10 Response
Hi
This would be part of your trade and therefore subject to income tax.

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