lol
thats where you are clinging at straws.
saying that assets might be chattels .. emphasis on might be and then using dictionary definitions of chattels to try and make it seem like all assets HAVE TO BE tangible.
the important thing is that assets are things that you own. the words "such as" are just examples, not a set in stone list. this is why i, in the first post defined that its not a share, its not a ....(well you read it.)
assets are property owned by you, objects, possessions and even intellectual property(graphic design, programming code, names, trademarks etc). HMRC, and solicitors will NEVER make it a finite list set in stone of what constitutes a personal possession.
so the question to leave you with is to define intellectual property, which in many cases is not tangible.
alot of people want to call bitcoin a commodity due to gold being a commodity, and that when asked the deeper question why is bitcoin like gold, their reply is "because you mine it." which is just a silly reason.
what if the mining program, due to use of computers and elliptic curves was called 'vectoring' much like art work/graphics design/games developers uses vectors. Art/graphic design material is not a commodity, but is an intellectual or tangible property.
J-lo (jenifer lopez's) buttocks are not stated on any tax related material as being an asset, nor on any legal documents about tax. yet they clearly are her assets. owned by her and have major value. hence why she has a million dollar insurance on them.
a surgeons hands are his assets. athletes/ sports peoples ligaments are assets. as i said before HMRC do not limit assets to just these items on the page. it is just used as an example.
and as for the scenario for a bank loan that dadj mentioned there are 2 things to note
1. if i walked into a bank and got asked what assets i had and i said i only have 2 metal coins in my pocket. at first the banks would think im crazy. but after explaining the coins are the rarest coins in existance and worth X amount, they would change their minds. so its all about explaining it. much like carrots
and you would be surprised to find alot of corporate banks know what bitcoins are now. a few people in the UK have hinted to banks about digital currency and the banks themselves have said "your talking about bitcoin" and then the bank was ok with continuing with that days transaction.
2. if you had £200,000 worth or bitcoin in storage and earning £10k a month why would you take out a loan. ud be tied into a loan for 10 years where every single monthly bitcoin earning would go into loan repayments.. id put that money into a company EG buying T-shirts for £2 and selling them for £5 and reaping a 100% profit after costs. to net you £20k a month.
but getting back on topic. all assets have CGT possibilities. your car can be CGT'd so not paying capital gains tax on a cheap car is not avoidance. its just purely the fact that your car only cost £4k to not be liable for it. its not avoidance. its playing by the rules and knowing what your entitled to.
just remember to put any profits which you then spend on your lifestyle as income and pay tax on your income
and that's the end of my brain fart...
if you are still at all unsure, then go see an accountant. if you are 100% satisfied that i am on the right path, due to the discussions i have had with accounts then please still go see your accountant. never take anyone that you cant slap with a wet fish, advice at face value.
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