chargeable assets

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All forms of property, wherever situated, that are not specifically designated as exempt from tax on capital gains. Exempt assets include motor cars, National Savings Certificates, foreign currency for private use, betting winnings, life-insurance policies for those who are the original beneficial owners, works of art of national importance given for national purposes, principal private residences, gilt-edged securities, certain low-value items, and investments under personal equity plans and Individual Savings Accounts.

Subjects: Financial Institutions and Services — Accounting.

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