A UK tax judgement this week has challenged the taxation of art works in the country, allowing Portrait of Omai by Sir Joshua Reynolds to be taxed as a “wasting asset,” thereby avoiding capital gains tax.  The painting had hung in North Yorkshire’s Castle Howard for over two hundred years, and was recently sold by owned Simon Howard, who claims the work contributed to the appeal of the castle for tourists.  “The case could give vendors savings of 28 per cent on the sale of works of art that fulfil the same criteria,” said art agent Robert Holden. (more…)