This is the question that I found on the ACCA Study Hub:
Louise bought an antique table for £2,500 in May 1998. In September 2022 she sold it for £6,500 (before deducting selling costs of £100).
Required:
(a) Calculate the chargeable gain arising in the tax year 2022–23.
(b) Calculate the chargeable gain arising in the tax year 2022–23 if gross sale proceeds were £11,500.
My doubt is, how do I know if the antique table is a wasting chattel or a non-wasting chattel?
If it is a wasting chattel (which it isn't in the answer), it is exempt from CGT. Whether below £6000 or above, all wasting chattels, are exempt (except for p&m with CA).
If the table is a non-wasting chattel, then the rules of 6000 limit apply.
So how do I know?
Ask the Tutor ACCA TX-UK
Question in chargeable disposal of chattels.
If the question is asking the obvious chattel rules then just answer it and dont worry.
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