My client has sold part of his collection of valuable artwork and antiques. We are happy that these disposals are from a private collection, amassed personally over some years and not connected with a trade, profession or vacation. Some of the disposals are close to the £6,000 limit for the chattels exemption, including some items sold at a loss.

Can you please confirm the capital gains rules, particularly in the context of an asset sold at a loss where the disposal amount is below the chattels exemption; is this an allowable loss?