question 2 Part a - Tina sold a painting on 1 July 2019 for £500,000. She purchased the painting in February 1997 for £350,000. She also disposed of a commercial investment property for £310,000 on 1 December 2019 and incurred agency fees of £15,000 on the disposal. She had purchased the property in August 1998 for £200,000. In addition, she sold an antique vase for £10,000 in January 2020 which had cost her £15,000 in September 2017. Tina had capital losses brought forward from previous tax years of £15,000. Tina’s taxable income for 2019/20 is £50,000. REQUIREMENT FOR PART A- Calculate Tina’s Capital Gains Tax for 2019/200
question 2 Part a -
Tina sold a painting on 1 July 2019 for £500,000. She purchased the painting in February 1997 for £350,000.
She also disposed of a commercial investment property for £310,000 on 1 December 2019 and incurred agency fees of £15,000 on the disposal. She had purchased the property in August 1998 for £200,000.
In addition, she sold an antique vase for £10,000 in January 2020 which had cost her £15,000 in September 2017.
Tina had capital losses brought forward from previous tax years of £15,000. Tina’s taxable income for 2019/20 is £50,000.
REQUIREMENT FOR PART A-
Calculate Tina’s
PART B QUESTION
Jane owns shares in ABC Ltd. She acquired 1,500 shares in the company on 31 May 2016 for £20,000, and 500 shares on 30 June 2017 for £10,000. On 7 July 2020 Jane bought a further 200 shares in ABC Ltd for £4,000.Jane sold 1,000 shares in ABC Ltd on 28 June 2020 for £25,000. She is not an employee of ABC Ltd.
REQUIREMENT FOR PART B:
Calculate Jane’s
PART C QUESTION
Jerome bought a factory in June 2004 for £680,000. In August 2020 wishing to move to a more convenient location, he sold the factory for £800,000. He moved into a rented factory until January 2021 when he purchased and moved to a new factory.
REQUIREMENT FOR PART C
Assuming that all beneficial claims are made calculate the base cost of the new factory if it was purchased for
(a) £750,000
(b) £600,000
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