Chattels disposed of at a loss
IF Proceeds are more than £6,000 – calculate the allowable loss in the usual way
IF Proceeds are £6,000 or less – chattels exemption applies
The chattel was acquired for more than £6,000, and sold for less than £6,000
then the chattels exemption is overruled and an allowable loss is given
The loss is RESTRICTED to the amount that would arise if the disposal proceeds were exactly £6,000.