Chattels - Gross or net proceeds?

W666GNT

I have been looking at some tax questions relating to chattels and want to know whether the consideration of using £6k proceeds is based on the gross figure or the net figure. The net figure being after disposal costs.
For instance
If gross proceeds were £7,000, but disposal costs were £1100, to give net proceeds of £5,900. Would you consider the £7k and replace with £6k or use £5,900 and not use the formula 5/3()

kkelly

Hi W666GNT,
I would think its gross proceeds as that is whats in the formula. Assuming cost is less than 6K then I would use the formula.