Don’t risk HMRC fines.
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).
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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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.
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