Capital Gains Tax on personal possessions
Possessions with a limited lifespan
You don鈥檛 have to pay Capital Gains Tax on personal possessions with a lifespan of less than 50 years. This covers all machinery, and includes things like antique clocks or watches.
Different rules apply if you鈥檝e used the possession for business. You don鈥檛 have to pay Capital Gains Tax if it doesn鈥檛 qualify for capital allowances. If it qualifies, you may need to pay Capital Gains Tax, but you can鈥檛 claim losses.