45 Exemption for certain wasting assets
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

45  Exemption for certain wasting assets

(1)     Subject to the provisions of this section, no chargeable gain shall accrue on the disposal of, or of an interest in, an asset which is tangible movable property and which is a wasting asset.

(2)     Subsection (1) above shall not apply to a disposal of, or of an interest in, an asset—

(a)     if, from the beginning of the period of ownership of the person making the disposal to the time when the disposal is made, the asset has been used and used solely for the purposes of a trade, profession or vocation and if that person has claimed or could have claimed any capital allowance in respect of any expenditure attributable to the asset or interest under paragraph (a) or paragraph (b) of section 38(1); or

(b)     if the person making

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