One man’s rubbish may be another man’s treasure, but if it holds any value then the taxman will want a share of any proceeds, warned Edinburgh, Scotland-based accountancy firm Chiene & Tait.

Families with precious assets passed down through the generations have been advised their heirlooms may bring an unexpected tax burden and should undertake proper tax planning before putting heirlooms up for auction.

Capital Gains Tax (CGT) is due on any item sold for more than £6000 and artefacts or inherited antiques and artworks from long lost family members may be subject to hefty tax bills when sold, restr...