Readers’ forum: Is set of pistols ‘machinery’ for CGT exemption?

My client is about to sell a pair of antique pistols – they date from the early 19th century and it is estimated that the sale price will be in the region of £50 000. They have been in his family for generations and he acquired them on the death of his father 40 years ago when their value would have been a fraction of their current price so he is facing a significant capital gains tax charge. They are definitely a set (they are stored in one case).

Movable plant and machinery is deemed to have a life of less than 50 years and is therefore exempt from CGT under TCGA 1992 s 45. Do readers think that a pistol could be considered to be an item of machinery and therefore qualify for the exemption?

If the answer is ‘yes’ do readers also think...