the Corporate Buyer we offer a consultancy service, either by sourcing
particular works or presenting specially selected portfolios of original
prints to suit individual requirements and locations, i.e. board rooms,
hotels and restaurants, reception areas, public buildings and professional
us for information
in Works of Art - Taxation Position
Legislation S.284TCA1997 states:
A trader who incurs capital expenditure on machinery or plant is
entitled to a wear and tear allowance if the asset is in use for
the purpose of his trade at the end of the basic period for the
The annual wear and tear allowance is 15% on a straight line
Where a corporate or individual tax payer buys a work of art and
displays it at their business premises for the purpose of promoting
their business, the work of art is treated as machinery or plant,
and is eligible for the annual wear and tear allowance.
Capital Gains Tax
Legislation S.606TCA1997 deals with the Capital Gains
Tax position on disposals of works of art; etc. loaned for public
This relief applies to works of art (including books, jewellery,
manuscripts, pictures, prints, sculptures) having a value of not
less than IR£25,000 when loaned to a Gallery or Museum which is
approved by the Revenue for this relief.
Revenue may consult with appropriate experts to insure that a work
has a value of not less than IR£25,000.
public must have reasonable access to the work of art during the
loan period (the qualifying period) which must not be less than
A disposal of a work of art if previously lent to a gallery or Museum
for a qualifying period is treated for Capital Gains Tax purposes
as giving rise to no gain/loss.
The work of art need not be on display for the entire loan period.
Reasonable access appears to mean that an exhibition admission price
should not be excessive, and that the work of art should be displayed
at normal admission times.
S Greene & Co
5 St Andrew's Terrace
Tel +353 - 51 - 875 521