Chattels: sets of assets: special rules
CG76577 tells you about the rules which apply when the consideration for the disposal of a chattel (tangible moveable property) doesn’t exceed £6,000.
The £6,000 exemption limit is applied to each disposal of a chattel. This could encourage people to artificially split up a set of articles which is worth more than £6,000 and then sell each asset individually to the same person for £6,000 or less. Each disposal would then be exempt. A set may consist of two or more articles.
If the parts of the set:
- were owned by one person at the same time
- were disposed of by that person (whether on the same or different occasions)
- one other person acting on their own
- more than one person acting in concert
- more than one person who are also connected persons (see [CG14580](https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg14580)),
then TCGA92/S262(4) treats the separate assets comprising a set as one asset and only one £6,000 limit is allowed
You may come across persons acting in concert, such as a number of dealers acting together as a `ring’ at an auction. If there is no evidence that persons who are not connected have previously agreed to act together to acquire the assets which formed a set, the mere fact that they did so is not sufficient.
CG76632 tells you what is meant by a set.