Chapter 19 - Chattels and wasting assets Flashcards
1
Q
What is a chattel?
A
An item of tangible moveable property
2
Q
What is a wasting asset?
A
An asset with a predictable useful life not exceeding 50 years. If an asset is both a chattel and a wasting asset it is referred to as a wasting chattel
3
Q
What are wasting assets?
A
A wasting asset which is not a chattel lis not except from CGT.
1. intangibles like copy rights etc
2, short leases
3. fixed plant and machinery
