Solicitors Journal: Portrait was 'wasting asset' despite rising value and exempt from CGT. A portrait by Sir Joshua Reynolds of a young South Sea islander could be regarded as 'plant and machinery' and was not liable for capital gains tax, the Court of Appeal has ruled.
Full story: http://www.solicitorsjournal.com/news/commercial/tax/reynolds-portrait-was-%E2%80%98plant%E2%80%99-tax-purposes