Taxation of Chargeable Gains Act 1992

155Relevant classes of assets

The classes of assets for the purposes of section 152(1) are as follows.

  • CLASS 1

    Assets within heads A and B below

    • Head A

      1.

      Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade

      2.

      Any land occupied (as well as used) only for the purposes of the trade.

      Head A has effect subject to section 156.

    • Head B

      Fixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.

  • CLASS 2

    Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the [1968 c. 59.] Hovercraft Act 1968).

  • CLASS 3

    Satellites, space stations and spacecraft (including launch vehicles).

  • CLASS 4

    Goodwill.

  • CLASS 5

    Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).