Chattels

This topic has 3 replies, 2 voices, and was last updated 11 years ago by Tax Tutor.

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May 3, 2015 at 4:33 pm #243824
6shahir
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Is a wasting chattel always exempt?
May 4, 2015 at 4:44 pm #244032
Tax Tutor
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Basically yes for purposes of our exam – the only exception is plant and machinery eligible for capital allowances and not otherwise exempted by the £6,000 rule.
May 4, 2015 at 4:46 pm #244033
6shahir
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if a wasting asset less than 6000, then wat hapens?
May 5, 2015 at 10:14 pm #244247
Tax Tutor
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A wasting chattel is exempt whatever the value. Any other chattel is exempt if both bought and sold for less than 6,000.
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