In the context of Portrait of Omai, explain the Magnier acquisition of the History.
The painting was eventually acquired by Irish businessman John Magnier.  In 2002, he applied to export the work but was refused an export licence by the Reviewing Committee on the Export of Works of Art while the Tate Gallery sought funding to acquire the work for its stated value of £12.5 million. The Gallery launched a campaign, supported by David Attenborough, to acquire the work. An anonymous donor offered to purchase it from Magnier and loan it to the gallery, but Magnier refused to sell. In the meantime he also refused to allow the painting to be displayed in public in the UK.The painting remained in storage at Christie's until 2005 when it was included in a Reynolds exhibition at Tate Britain in 2005. The British government continued to refuse a permanent export licence, but a temporary export licence was granted in 2005 for 6½ years, and the painting went on display at the National Gallery of Ireland. In 2011, this license was extended, but a further application for a second temporary export licence was refused in 2012, and the painting returned to the UK. It was briefly exhibited at a Reynolds exhibition at the Rijksmuseum in Amsterdam in 2018.In 2014, the painting was the subject of a ruling by the Court of Appeal in a case bought by the custodians of Castle Howard against HM Revenue and Customs as its taxable status. The Court found in favour of the custodians, and against HMRC, upholding an earlier decision of the Upper Tribunal, and overturning the first instance decision of the First-tier Tribunal. The Court held that as the portrait had been displayed in a part of Castle Howard that was open to the public, it fell within the definition of "plant". As a result, it could be considered a "wasting asset" and so any proceeds of sale were exempt from capital gains tax.  This tax loophole was closed by changes to taxation outlined in the 2015 Budget. An application to the Supreme Court for permission appeal was rejected in January 2015.
Christie's Castle Howard plant Tate Reviewing Committee on the Export of Works of Art First-tier Tribunal National Gallery of Ireland HM Revenue and Customs David Attenborough Tate Britain Tate Gallery Supreme Court wasting asset 2015 Budget Upper Tribunal Court of Appeal John Magnier Rijksmuseum capital gains tax