Chattel CGT Calculator 2025/26 — Art, Antiques & Jewellery

A chattel is tangible moveable property — physical items you can touch and move, excluding land and buildings. Examples include antiques, fine art, jewellery, stamps, coins, fine wine, classic cars, racehorses, and furniture. Intangible property like shares or goodwill are NOT chattels.

If the sale proceeds (or market value if gifted) are £6,000 or less, the chattel is exempt from CGT — no tax is due regardless of the gain. If you dispose of a chattel set (e.g. a matching pair of vases), HMRC may treat the set as a single asset with a combined proceeds limit of £6,000.

If proceeds exceed £6,000 but the calculated gain would otherwise exceed the marginal amount, the 5/3 rule caps the gain. Maximum gain = 5/3 × (proceeds − £6,000). This limits the gain so it tapers from zero at £6,000 proceeds. Example: proceeds £9,000, cost £2,000 → raw gain £7,000, but 5/3 rule cap = 5/3 × £3,000 = £5,000. You use the lower: £5,000.

Wasting chattels have a predictable useful life of 50 years or less. Common examples: motor vehicles (private cars, motorbikes), racehorses, livestock, most mechanical equipment. Gains on wasting chattels are completely exempt from CGT. Losses are not allowable either. However, assets qualifying for capital allowances (used in business) follow different rules.

Antiques (and art, jewellery, fine wine) are normal chattels — not wasting. The £6,000 exemption and 5/3 rule apply. An antique sold for less than £6,000 is exempt regardless of profit. Sold for £10,000 with a £1,000 original cost: raw gain £9,000, 5/3 cap = £13,333, so CGT on £9,000 less the AEA.

Yes — private motor vehicles (including classic cars) are wasting chattels (useful life assumed ≤ 50 years) and are fully exempt from CGT. This is regardless of the gain made. However, a car used entirely for business may not be a wasting chattel for CGT, and classic cars used in a dealing business are trading income, not CGT.

Losses on normal chattels (e.g. antiques sold below cost) are allowable capital losses that can be offset against other capital gains in the year or carried forward. Losses on wasting chattels are NOT allowable. If proceeds are below £6,000 and cost was above £6,000, the allowable loss is restricted: cost is treated as £6,000 for loss purposes.

You must report if: total proceeds from all chattel sales exceed £50,000 in a year, OR total gains minus losses exceed the AEA (£3,000 in 2025/26). Sales below £6,000 per chattel need not be reported. Report on the capital gains pages of your Self Assessment tax return. Non-residents must report within 60 days of completion.