Assets which are exempt 2 / 2

Exempt assets include:

  • Motor cars

  • Animals (wasting chattels that do not qualify for capital allowances)

  • Debtors

  • Cash

  • Chattels bought and sold for less than £6,000

  • Corporate bonds

  • Government securities

  • Trading stock

  • Shares in individual savings accounts ISA

  • Shares in a VCT

  • Foreign currency for private use (Cash)

  • Works of art given for national use

  • Damages for personal injury

  • Life insurance policies (Cash)

  • National Savings and Investment certificates

In the exam, if you think that an asset is exempt just state this.