MAY 2010 - SMASH & GRAB JUNE 22nd

The emergency budget will be on June 22nd. There is speculation about the many methods by which the new coalition will relieve us of our money which is already now being taxed by up to 50%. It is rumoured that Capital Gains Tax will be equalised with income tax rates. It will be important to look at the small print if this happens, as currently there is no CGT on clocks as they are classed as machinery, i.e. a wasting asset. The HMRC interpretation is repeated below:-

"Wasting assets: clocks and watches. Antique clocks and watches, such as `Tompion' clocks, are regarded as machinery for Capital Gains Tax purposes. As such, they are deemed to have a predictable life which does not exceed fifty years and are treated as wasting assets. A disposal of such an asset will only give rise to a chargeable gain if it had been used for business purposes and Capital Allowances were, or could have been, claimed."

Let us hope that the Treasury will be distracted by the recent departure of the Chief Secretary to notice this important exemption and that it will continue.

May is almost over and there was only one tavern clock auctioned in the month; a repainted shield dial with a electric movement was sold in the USA for $4500. The case looked original but not much else so a high price in reality. Signed Abraham Glascock, Epping. In truth all eyes are on June as there are at least three big fairs in London where top quality clocks will be on offer.

The Tavernicus site has two new offerings; Henry Lane of Bristol and Orpheus Sumart of Clerkenwell. Have a look.