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HMRC internal manual

Capital Gains Manual

Gains: disposal of found objects: not treasure: owned by finder

If the object is found lying on the land and is not treasure then, in the absence of a claim by the original owner or heirs, it will belong to the lawful finder, see CG77540. An object found on or after 24 September 1997 which has been disclaimed by the Crown under the terms of the Treasure Act 1996 is treated as if it had never been treasure, see CG77528.

A gain may arise on the disposal of the object.

TCGA92/S17 (2) applies to determine the cost of the object. As the object was merely found there will be no `corresponding disposal’ and so the cost to the finder will be nil.

If the object was found before 31 March 1982, rebasing applies so that a deduction may be available for the market value of the object at 31 March 1982, see CG16700+.