Chattels: books and magazines
TCGA92/S262 and TCGA92/S45
Books, magazines and the like are chattels (tangible moveable property) so disposals for £6,000 or less will be exempt under TCGA92/S262, see CG76573.
A library or collection of books, magazines and the like will not normally be regarded as a set even if they are all on one subject or all from one particular period in history. However, as the Dictionary defines a set as a collection of books by one author, dealing with one subject and belonging to one department of literature or issued in a series, a large library or collection may contain a number of smaller sets. See CG76631 onwards for more details.
Wasting asset exemption
Books, magazines and the like which are acquired for a collection will often have a predictable life exceeding 50 years and so are non-wasting. However books, magazines and the like which are plant will be treated as wasting assets regardless of their actual predictable life, TCGA92/S44(1)(c) see CG76721. For the meaning of plant see the Capital Allowances Manual CA21000 onwards.
Disposals of books, magazines and the like which are plant 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.