Over the next 28 days I am undertaking the ‘Taxation of Art’ Module of the ‘Diploma in Art Law’ Course at IAL’s (ial.uk.com). This is the 10th & final course module. After that I have to write 3 essays. 1 of them is entitled, ‘Tax-Efficient Settlement of Art Disputes.’ I am writing this in August. I have also been commissioned by Taxation (Tolley)(https://lnkd.in/eeP3-vCY), to write an article with the same title, for publication throughout the UK & online (to subscribers) later in the year. The subject is global. To provide a flavour to family offices, tax & legal advisors, mediation advocates & mediators, the introduction to the essay and article currently reads:

‘The taxation of art assets, which may be chattels (including classic cars), land and buildings, or intangibles e.g. non-fungible tokens (‘NFT’s) [‘Art’], depends upon:

·       how ownership is structured; and
·      dealing/commercial exploitation – i.e. chargeable transactions.

Settlement of an art dispute may result in a transaction i.e. by transfer, sale or gift, which can be structured so as to increase the settlement pie, by maximising available tax exemptions and reliefs. In this article the author discusses:

• Chargeable events which arise when an art transaction takes place by transfer, sale or gift.
• Tax-planning concepts which apply to art and heritage property.
• Tax exemptions and reliefs available in the UK for art and heritage property.’