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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Chattels: books and magazines

TCGA92/S262 and TCGA92/S45

Chattels exemption

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+,

or

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