CAPITAL GAIN ( (NON WASTING CHATTELS …
OF CHARGEABLE ASSETS
NON WASTING CHATTELS
If the asset is disposed of for gross disposal proceeds of £6,000 or less and acquired for £6,000 or less it is exempt.
If the asset is disposed for gross disposal proceeds of more than £6,000 and the acquisition cost is £6,000 or less, there is marginal relief for the gain. The gain cannot exceed:
5/3 (Gross proceeds less £6,000)
Disposal consideration X
Less incidental costs of disposal (X) :no_entry:
Net disposal consideration X
Less allowable costs (X) :check:
Chargeable gain/Allowable loss X/(X)
Incidental costs of disposal
The date of disposal is the date when the contract for sale is made.
f the contract is conditional, the date of disposal is the date when all conditions are satisfied
chargeable gain before allowance
taxable gain after allowance