Chattels: models and toys
TCGA92/S262 and TCGA92/S45
Models and toys are chattels (tangible moveable property) so disposals for £6,000 or less will be exempt under TCGA92/S262, see CG76573. If models and toys are disposed of to the same person then they may form a set, see CG76631 onwards for more details.
Wasting asset exemption
Many models and toys have a predictable life exceeding 50 years. However models and toys which are plant or machinery are treated as wasting assets regardless of their actual predictable life, TCGA92/S44(1)(c) see CG76721.
Mechanical models and toys are always regarded as wasting assets.
Other models and toys 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 models and toys 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+,
- section 45(3B) applies, see CG76722.