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”.
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This glossary post was last updated: 29th January 2019.