More and more organisations and individuals are investing in art as a way of relieving tax on works of art, so that they can benefit from lower levies when paying tax.

Tax exemption for works of art for private individuals and professionals

The practice of tax exemption for works of art is entirely legal, entirely possible and even increasingly widespread. It applies to both companies and individuals. Here are the most important points to know about this practice.

The works of art eligible for tax relief are: paintings, drawings, watercolours, gouaches, pastels, monotypes, engravings, prints and lithographs printed in limited numbers; photographs and sculptures in limited editions, tapestries, etc.

For private individuals, investing in a work of art entitles them to tax relief, a beneficial process insofar as the works of art acquired are completely tax-exempt and therefore do not have to be declared on the tax return. Only the sale of a work of art for more than €5,000 is subject to tax.

For companies, Law no. 2003-709 of 1 August 2003 states that companies or liberal professions that acquire original works of art designed by living artists can benefit from tax exemption for these works of art. The related expenditure is deducted from industrial and commercial profits (BIC).

If you have any questions about tax exemption for works of art, please do not hesitate to contact us. a comprehensive guide to the issue published on the Artalistic!