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Tax

Chattels and Share Disposal

QuestionAnswer
what are chattels tangible , movable assets
what are wasting chattels chattels with useful life < 50 years
treatment of wasting chattels exempt from capital gains tax
treatment of non-wasting chattels have exemptions and restrictions
if cost < 6000 and proceeds < 6000 what is treatment wholly exempt
if cost > 6000 and proceeds > 6000 what is treatment wholly taxable
if cost is < 6000 and proceeds > 6000 gain max: 5/3 (gross proceeds - 6000) OR normal proceeds - costs lower of the two
if cost > 6000 and proceeds < 6000 gross proceeds presumed to be = 6000
what kind of shares are exempt ISAs
non ISA share treatment capital gains tax calculated as normal
Created by: amyperston
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