Francis (who is not an art dealer) bought an oil painting in August 1991. He sold the
Question:
Francis (who is not an art dealer) bought an oil painting in August 1991. He sold the painting for £87,500 in March 2024.
Compute the chargeable gain or allowable loss arising on this disposal if the cost of the painting in August 1991 was:
(a) £10,000
(b) £35,000
(c) £100,000.
How would the situation differ if Francis was an art dealer and the painting was acquired as trading stock for sale to a customer?
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