Commentary

C1.509 CGT losses—Chattels sold for £6,000 or less

Capital gains tax
Capital gains tax | Commentary

C1.509 CGT losses—Chattels sold for £6,000 or less

Capital gains tax | Commentary

C1.509 CGT losses—Chattels sold for £6,000 or less

The exemption of gains on the disposal of a chattel1 for a consideration of £6,000 or less2 does not deny relief for allowable losses accruing on such a disposal. Instead, the amount of the loss is restricted by treating the disposal consideration as if it had been £6,0003. The loss cannot be turned into a gain, however, and if a gain would arise by deeming the consideration to be £6,000, the result is neither gain nor loss.

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