Anastasia Tennant of Christie’s examines the main features of the current CGT regime as it
applies to personal chattels (taken from Issue No 16 – July 2001)
Tax is charged in respect of capital gains which accrue to a person on the disposal of assets. All forms of property, except sterling, are regarded as assets for these purposes unless specifically exempted. In this article, the capital gains tax treatment of disposals of tangible movable property, i.e. chattels, will be described and discussed with particular emphasis to the notable exemptions relating to certain chattels.. All statutory references are to the Taxation of Chargeable Gains Act 1992 unless otherwise noted.
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The Trust Quarterly Review is published in partnership with STEP, it discusses matters of interest to trustees and executors with a focus on the particular interests of trust corporations in mind
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