UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
I would like your advice as to how I prove the capital loss to HM Revenue and Customs. I have original purchase receipts and can obtain letter from London's Bonhams auction house confirming the small oil is a fake and giving present value , estimated by Bonhams, well below the £6000 limit. Would this surfice?
I am thinking of asking Bonhams to arrange to have the small oil destroyed and send to me a letter confirming this has been done as I do not want it to get onto the market at some future time and perhaps be bougth by another unsuspecting collector, will this surfice HM Revenue to allow my capital loss?
Thank you. Look forward to hearing from you.
Hi again.I'm afraid I've been unable to find anything that would suggest that you can claim a capital loss by having a fake work of art destroyed. You would need to sell it in order to claim the loss.
I will keep on looking for any piece of information which may help.