SolvedCH25260 | Information & Inspection Powers: Inspection Powers: Meaning of 'business assets'
From HM Revenue & Customs · Compliance Handbook
Business assets are physical items that you have reason to believe are
owned
leased, or
used
in connection with the carrying on of a business, see CH25200, by any person. Business assets do not include documents, see CH25280, unless those documents are trading stock or plant.