The chattel exemption, by which gains on tangible movable property not otherwise exempt under the wasting asset exemption are removed or partially removed from the chargeable gains net (see ¶509-050), does not affect the amount of any allowable loss (TCGA 1992, s. 262(3)). Instead, the disposal consideration is increased to £6,000 where it would otherwise be less than that figure and the allowable loss is determined accordingly (TCGA 1992, s. 262(3)).

Example

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