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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
Updated
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Chattels: medals

TCGA92/S268, TCGA92/S262 and TCGA92/S45

Awards for valour or gallant conduct

A disposal of a medal or decoration which was awarded for valour or gallant conduct does not give rise to a chargeable gain if the person making the disposal did not acquire it for money or money’s worth.  There won’t be a charge if the disposal is made by the person who was originally awarded the medal or decoration or by someone who acquired it from that person by, for example, gift or inheritance.

Chattels exemption

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

Wasting asset exemption

Medals by their nature have a predictable life exceeding 50 years.  They 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 medals which are plant 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.