Which of the following statements about non-wasting chattels is true?

The statement that non-wasting chattels are subject to the £6000 rules is correct. Non-wasting chattels refer to tangible assets that do not have a limited lifespan and include items such as antiques, art, and collectibles. In the context of capital gains tax, the UK tax regime provides specific rules for the disposal of non-wasting chattels. These rules allow individuals to disregard certain gains if the total capital gains from the sale of such chattels do not exceed £6000 in any given tax year. This implies that if the gain from their sale is below this threshold, it may not be subject to capital gains tax.

The other statements do not accurately reflect the tax treatment of non-wasting chattels. While they may be exempt from capital gains tax under certain circumstances, this is not a blanket rule applicable in all cases, which makes the first statement misleading. The idea that non-wasting chattels are subject to no tax rules fails to recognize the specific regulations that do apply to them. Lastly, stating that they cannot be sold for a profit is incorrect, as they can indeed be sold for a profit, but any potential capital gains tax would apply depending on the circumstances and the level of gains realized