Antiques - Tax Avoidance (not evasion)

[WGT]

Hi,
A colleague told me that a good way of avoiding (not evading) tax is to buy antiques?
Is this true and are there any catches?

WGT

 

[ClubMan]

Hi,
A colleague told me that a good way of avoiding (not evading) tax is to buy antiques?

Doubt it - never heard of it and I know of no tax credits/allowances/reclaims that are possible for private individuals buying antiques.

Is this true and are there any catches?

Yes - the market for antiques is not very transparent and efficient so the chances of buying high and selling low and thus losing money are quite significant.

 

[therave]

also fees are high if buying or selling at auction ..

 

[Domo]

Yes, an individual is not taxable on profits from antiques (as long as you are not an antique dealer). But, the risks are high - you might make a loss, not a profit!!!

 

[ClubMan]

So a good way to avoid tax is to sell antiques?

If profits are not taxable then presumably losses cannot be offset against anything unlike capital losses etc.?