UK Accounting Glossary
A wasting asset is a property or security that has a limited life and loses value over its life.
A wasting asset is an asset that has a finite lifespan; for example, a lease loses value throughout it’s life and become worthless once the lease terminates.
This also applies to such assets as plant and/or machinery, which wear out during their lifetime and therefore lose their value over time.
Due to the finite term of the license it is now classified as a wasting asset.
The sale of the painting was exempt from capital gains tax; as a result of it being deemed a “wasting asset”.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Wasting Asset are sourced/syndicated from:
This glossary post was last updated: 29th January 2019.