Capital Gains Tax on personal possessions
Possessions with a limited lifespan
You do not have to pay Capital Gains Tax on personal possessions with a lifespan of less than 50 years. This covers all machinery, and includes things like antique clocks or watches.
Different rules apply if you’ve used the possession for business. You do not have to pay Capital Gains Tax if it does not qualify for capital allowances. If it qualifies, you may need to pay Capital Gains Tax, but you cannot claim losses.