Personal Tax - Chattels

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ClassicMinion
ClassicMinion Registered Posts: 2
in AAT Level 4 (Level 8 in Scotland)
Hello

I understand the rules for chattels but was completely thrown in my last exam by a question that stated the proceeds were £6000!!

Can anyone explain what I should've done in this situation because it wasn't more than £6000 or less it was £6000 and none of the books provide an example of when proceeds are exactly £6000 therefore I believe I chose the wrong option and treated it incorrectly!!

Should the question I ask myself be 'was it sold for £6000 or less?' And to include the £6k??

Any help would be great :)

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  • ClassicMinion
    ClassicMinion Registered Posts: 2
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    Osbourne books states 'chattels that are both bought and sold for £6000 or less' are exempt I think this may have answered my qs :3

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