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TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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This is question on UK tax on Capital Gains - I understand

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This is question on UK tax on Capital Gains - I understand that antique clocks are exempt as a wasting asset - if not actually an antique is there a CGT liability?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. If you look here, you will read that you won't have to pay CGT on any gain you may make on the disposal of a wasting asset clock unless it has been used for business purposes and capital allowances could have or were claimed. If the clock is not a wasting asset, then any gain could be liable to CGT under the chattel rules which you can read about here and here. I hope this helps but let me know if you have any further questions.
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