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CGT calculation – Example 1, Tina

Forums › ACCA Forums › ACCA TX Taxation Forums › CGT calculation – Example 1, Tina

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  • January 25, 2022 at 10:25 am #647419
    ajabbie12
    Participant
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    • ☆

    Hello, why did we deduct the antique vase from the computation, I thought this would be classed as exempt due to being a chattel. is there a way to know if something is exempt or not when being an antique?

    January 25, 2022 at 10:47 am #647421
    mrjonbain
    Moderator
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    Can you please give details of the page number. Non-wasting chattels are not exempt so that can’t be the factor. Was it sold at a loss? Was it both bought and sold for less than £6000?

    January 26, 2022 at 8:18 am #647492
    mrjonbain
    Moderator
    • Topics: 1
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    • ☆☆☆☆☆

    Not sure where you get the idea that antiques are generally exempt. Found the example you wrote about and it is clear a loss is made on item of £5000. I believe certain items such as UK war medals are exempt.Also if bought and sold for under £6000. Hope this helps.

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