CG76883 - Chattels: stamps

TCGA92/S262 and TCGA92/S45

Chattels exemption

Stamps are chattels (tangible moveable property) so disposals for £6,000 or less will be exempt under TCGA92/S262, see CG76573.

A collection of stamps is not normally regarded as a set even if all the stamps are from one country or are all about a particular theme such as birds. However, if it contains examples of all the values of a commemorative issue or a definitive issue of one country, these will, themselves, form a set. See CG76631 onwards for more details.

Wasting asset exemption

Stamps which are acquired for a collection will often have a predictable life exceeding 50 years and so are non-wasting. However stamps which are plant will be treated as wasting assets regardless of their actual predictable life, TCGA92/S44(1)(c) see CG76721. For the meaning of plant see the Capital Allowances Manual CA21000 onwards.

Disposals of stamps which are plant will be exempt under TCGA92/S45(1) unless:

• capital allowances have been or could have been claimed, see CG15400+,

or

• section 45(3B) applies, see CG76722.