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A chattel is another name for a personal, physical possession or tangible good that is moveable between locations – e.g. a painting.
Jewellery, clothing and vehicles are all examples of chattels as these are all personal belongings which can be moved. More include:
We can definitely see where you’d confuse the two! But actually, an asset is something or even someone which is regarded as highly valuable. An asset, however, doesn’t have to take physical form – just look at Bitcoin!
Another difference between a chattel and an asset is that a chattel doesn’t have to be worth anything. They are usually solely for personal use rather than for investment purposes.
This is not to say your chattel cannot be worth a ton if you do one day decide to sell it – so you might want to hold onto that old Chinese porcelain set just in case!
If you’ve had a look at any of our Capital Gains Tax guides, then you probably have an inkling that disposing of a chattel may attract Capital Gains Tax (CGT).
Whether you pay CGT solely depends on how much profit is made after the sale. For a quick and easy calculation, pop your details into our Capital Gains Tax calculator.
We’ve also broken down all of the CGT rates and exemptions for you right here.
It can be held and moved and is usually for personal use, but no, money is not classed as a chattel.
Although it isn’t quite clear why money is exempt from this category, we’d assume it’s because it is a medium of economic exchange and the primary measure of wealth.
In simpler terms, money isn’t a chattel because… well, it’s money! 🤑
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We can help anyone who needs a hand with their personal UK taxes. We have three services: tax returns, tax advice and both combined. Here are the sorts of tax situations we can help with via these services:
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We specialise in helping people with their UK personal taxes, whether that’s filing your tax return or giving one off tax advice on a situation you’re struggling with. However, there are a few things we’re not able to help you with:
The UK tax year for personal tax returns goes from 6th April to 5th April. For example, the 2022/23 tax year starts on 6th April 2022, ends 5th April 2023 and you have to file and pay your tax bill by 31st January 2024.
If it’s your first time filing, you should make sure that you register for self assessment with HMRC (this basically means letting HMRC know that you’re earning untaxed income) by 5th October 2023.
Want to know more about the important dates to be aware of? We’ve got a guide on it. More tax dates can be found here.
Unfortunately not!
Whilst we’re an HMRC recognised provider, we’re not able to contact them on your behalf. We also can’t fill out any forms they’ve sent you. This will have to be done by you! We can, however, advise on what their letters may mean and the best next steps.
Not sure what number you need to contact them? Take a look at our guide where we list the most important numbers to contact HMRC based on your situation.
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