Tax advice of the week: Buy 'wasting assets'

Many items which have a predicted lifespan of 50 years or less are classed as 'wasting assets' and are exempt from capital gains tax.

A few weeks ago we listed assets that were exempt from capital gains tax (CGT). One group 'wasting assets' has been attracting particular interest.

According to Valerie Elliott in The Times, auction houses dealing in sporting guns, antique clocks and classic cars are reporting "brisk activity" as consumers seek "safe havens" that also provide enjoyment.

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