I have an unusual CGT question, which I wonder if anyone on here is able to help with. We have a collection of 18th and 19th century army uniforms which we are thinking of selling at auction, as their condition is deteriorating and they have been stored in trunks for decades. They really belong in a collection or museum. The clothing and accessories have been passed down through the family in each generation, so there has been no purchase cost since they were brand new. The value of the combined collection is estimated to be between £30-40k.
My question is - do military uniforms and civil clothing come under the "Wasting Asset" exemption under CGT rules, or would they be dealt with as antiques and be liable for CGT if sold?
My thinking is that they probably come under the "Wasting Asset" exemption for the following reasons:
- Uniforms are designed to be worn by the sole individual for whom they were made/issued to, and would not be expected to be in use for anything near 50 years.
- In all cases, the regiments either no longer exist or are amagamation several times over into modern units and therefore the insignia and style of uniform has no useful purpose as an item of clothing, except possible display.
- Nobody in this era would wear clothing of this style, if it is even wearable.
I would be very interested to hear anyone's advice on this topic, especially if you have ever had direct experience of such circumstances.