44 Meaning of “wasting asset”
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

Wasting assets

44  Meaning of “wasting asset”

(1)     In this Chapter “wasting asset” means an asset with a predictable life not exceeding 50 years but so that—

(a)     freehold land shall not be a wasting asset whatever its nature, and whatever the nature of the buildings or works on it;

(b)     “life”, in relation to any tangible movable property, means useful life, having regard to the purpose for which the tangible assets were acquired or provided by the person

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