The exemption for wasting chattels does not apply to assets used in a business if (TCGA 1992, s. 45(2)(a)):

the asset was used, and used solely, for the purpose of a trade, profession, or vocation, whether by the owner or otherwise (‘ trade use’);

the trade use extends from when the asset was acquired by the owner to the time of disposal; and

capital allowances have been claimed or could have been claimed by the owner in respect of allowable acquisition and enhancement expenditure.

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