# Capital Gains Tax Act 1979 (repealed 6.3.1992), Section 118: Relevant classes of assets.

Extent: E+W+S+N.I.

The classes of assets for the purposes of section 115 (1) above are as follows.
Class 1. Assets within heads A and B below.
Head A
1. Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade.
2. Any land occupied (as well as used) only for the purposes of the trade.
Head A has effect subject to section 119 below.
Head B
Fixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.
Class 2
Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the Hovercraft Act 1968).
Class 2A
Satellites, space stations and spacecraft (including launch vehicles).
Class 3
Goodwill.
Class 4
Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).

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Source: https://www.legislation.gov.uk/ukpga/1979/14/section/118 (the official version)
Page: https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-118
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.