Chapter 9 - 4.2 - Wasting and Non-Wasting Chattels Flashcards
1
Q
What are the two types of chattel?
A
Wasting and non-wasting chattels
2
Q
How long is the expected life of a wasting chattel?
A
50 years and under
3
Q
What are some examples of wasting chattels?
A
- caravans
- boats
- animals
- plant and machinery (but moveable p&m on which capital allowances are claimed are non-wasting)
4
Q
How are wasting chattels treated by tax?
A
They are exempt from CGT
5
Q
How long is the expected life of a non-wasting chattel?
A
More than 50 years old
6
Q
What are some examples of non-wasting chattels?
A
- antiques
- jewellery
- paintings
7
Q
How are non-wasting chattels treated by tax?
A
They are treated by using the special rules
