CG76722 - Wasting assets: Chattels

The predictable life of any chattel is the useful life of the chattel taking account of the purpose for which the person making the disposal acquired it.

There are special rules for

• livestock, see CG76741
• plant and machinery, see CG76742+.

If the predictable life of any chattel is fifty years or less, so that it is treated as a wasting asset, it is exempt from Capital Gains Tax unless capital allowances were or could have been claimed on it. CG15400+ tell you about cases involving capital allowances.