Capital gains tax | Commentary

C2.905 Chattels

Capital gains tax | Commentary

C2.905 Chattels

A gain is not a chargeable gain if it arises on the disposal of an asset which is a tangible movable asset (a chattel) where the disposal consideration does not exceed a certain limit (see C3.1811)1.

Assets which are both tangible movable property (ie chattels) and wasting assets do not give rise to any chargeable gain or allowable loss on disposal2. The exemption extends to interests in such assets which would include leases as well as part interests. Commodities of any description are excluded in relation to disposals by a person dealing on a terminal market or dealing with

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