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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Chattels: militaria

TCGA92/S262 and TCGA92/S45

By militaria, we mean collections of assets connected with the military or warfare.  These may range from small collections of medals or uniforms up to large museums with fighting vehicles and aircraft.  For more guidance on medals see CG76875.

Chattels exemption

Disposals of militaria which are chattels (tangible moveable property) for £6,000 or less will be exempt under TCGA92/S262, see CG76573.  If militaria are disposed of to the same person then they may form a set, see CG76631 onwards for more details.

Wasting asset exemption

Some militaria have a predictable life exceeding 50 years.  However militaria which are plant or machinery are treated as wasting assets regardless of their actual predictable life, TCGA92/S44(1)(c) see CG76721.

Militaria such as vehicles are always regarded as wasting assets.  Guns are also considered to be machinery and so wasting assets, see CG76905.

Other militaria, such as armour, swords and the like will be non-wasting unless they are used as plant in a business.  For the meaning of plant see the Capital Allowances Manual CA21000 onwards.

Disposals of militaria which are chattels and are plant or machinery will be exempt under TCGA92/S45(1) unless:

  • capital allowances have been or could have been claimed, see CG15400+,

or

  • section 45(3B) applies, see CG76722.