12 Wanda disposed of a number of assets during 2021/22 as follows 1) Antique vase Wanda bought this vase for £10,000 in 2006 and sold it for £5,250 in June 2021. 2) Antique table This had been purchased in August 2008 for £4,500 and was sold in May 2021 for £7,500 3) Land In April 2006, Wanda acquired an 8-hectare field for a cost of £5,000 per hectare. She sold 3 hectares in July 2021 for £90,000. At the time of the sale, the remaining 5 hectares were valued at £20,000 in total. 4) 56 Church Road Wanda purchased this house in April 2012 for £120,000. She lived in the property until March 2018 when she moved into her partner's property. The house remained empty until it was sold in March 2022 for £200,000. Required: a) Calculate the capital gain arising on each of the above disposals.
12
Wanda disposed of a number of assets during 2021/22 as follows
1) Antique vase
Wanda bought this vase for £10,000 in 2006 and sold it for £5,250 in June 2021.
2) Antique table
This had been purchased in August 2008 for £4,500 and was sold in May 2021 for £7,500
3) Land
In April 2006, Wanda acquired an 8-hectare field for a cost of £5,000 per hectare. She sold 3 hectares in July 2021 for £90,000. At the time of the sale, the remaining 5 hectares were valued at £20,000 in total.
4) 56 Church Road
Wanda purchased this house in April 2012 for £120,000. She lived in the property until March 2018 when she moved into her partner's property. The house remained empty until it was sold in March 2022 for £200,000.
Required:
a) Calculate the
b) Briefly explain how an individual's taxable income impacts the calculation of their
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