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Belicek made a number of disposals during the tax year 2016/17. Which one of the following disposals would be a chargeable disposal for capital gains tax purposes? A. Sale of a racehorse. The market value of the racehorse was 25,000 pounds, but Belicek agreed to a selling price of 24,000 pounds. The racehorse was acquired by Belicek at a cost of 11,000 pounds. B. Gift to a friend of an antique vase worth 1,000,000 pounds. The vase was acquired by Belicek at a cost of 700,000 pounds. C. Gift to a charity of 32,000 pounds in National Savings Certificates. D. Sale of Belicek's principal private residence.

Belicek made a number of disposals during the tax year 2016/17. Which one of the following disposals would be a chargeable disposal for capital gains tax purposes? A. Sale of a racehorse. The market value of the racehorse was 25,000 pounds, but Belicek agreed to a selling price of 24,000 pounds. The racehorse was acquired by Belicek at a cost of 11,000 pounds. B. Gift to a friend of an antique vase worth 1,000,000 pounds. The vase was acquired by Belicek at a cost of 700,000 pounds. C. Gift to a charity of 32,000 pounds in National Savings Certificates. D. Sale of Belicek's principal private residence.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Belicek made a number of disposals during the tax year 2016/17. Which one of the following disposals would be a chargeable disposal for capital gains tax purposes? A. Sale of a racehorse. The market value of the racehorse was 25,000 pounds, but Belicek agreed to a selling price of 24,000 pounds. The racehorse was acquired by Belicek at a cost of 11,000 pounds. B. Gift to a friend of an antique vase worth 1,000,000 pounds. The vase was acquired by Belicek at a cost of 700,000 pounds. C. Gift to a charity of 32,000 pounds in National Savings Certificates. D. Sale of Belicek's principal private residence.
Transcribed Image Text:Belicek made a number of disposals during the tax year 2016/17. Which one of the following disposals would be a chargeable disposal for capital gains tax purposes? A. Sale of a racehorse. The market value of the racehorse was 25,000 pounds, but Belicek agreed to a selling price of 24,000 pounds. The racehorse was acquired by Belicek at a cost of 11,000 pounds. B. Gift to a friend of an antique vase worth 1,000,000 pounds. The vase was acquired by Belicek at a cost of 700,000 pounds. C. Gift to a charity of 32,000 pounds in National Savings Certificates. D. Sale of Belicek's principal private residence.
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