Shucksmith (2012) has recently suggested that rural research might be refreshed by incorporating theoretical insights that have emerged through a renewal of class analysis. This article seeks to advance this proposed research agenda by exploring the concept of asset‐based class analysis and its association with the concept of social capital. The article explores connections between social capital, class analysis and understandings of community, noting how all have been associated with long running and unresolved debates. Attention is drawn to the problems of modernist legislative approaches to these debates and the value of adopting more interpretive perspectives. A distinction between ‘infrastructural’ and ‘culturalist’ interpretations of social capital is explored in relation to ‘asset‐based’ theorisations of class and culture. It is argued that an infrastructural conception of social capital might usefully be employed in association with a disaggregated conception of cultural capital that includes consideration of emotion and affect, as well as institutional, objectified and technical assets. These arguments are explored using studies of rural communities, largely within Britain.