Wasting assets: chattels which are wasting assets
CG76721 explains that disposals of chattels (tangible moveable property) which are wasting assets are exempt for the purposes of TCGA92 unless:
- Capital Allowances were or could have been claimed, see CG15400+, or
- TCGA92/S45(3B) applies, see CG76722.
The most common examples you will come across of assets which are wasting assets will involve plant or machinery of some description though some assets may naturally have a predictable life not exceeding 50 years.