10 Jacob was provided with a computer for private use on 1 October 2021. The market value of the computer when first provided was £4,300 and at 5 April 2022 the market value was £3,000. What is the value of the taxable benefit in respect of this computer for the tax year 2021/22? A. £600, B.) £860 C. £430 D. £300

Q: Define special purpose entity (SPE)

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.