The estimated corporation tax charges of Cherry Limited for the years ended 31 December 1996 and 31 December 1997 were 2,400 and 2,700 respectively. However, the final settlements were £2,200 and £2,800 respectively. What was the total corporation tax charge shown in the profit and loss account of Cherry Limited for the year ended 31 December 1997? A £2,500 B £2,600 C £2,700 D £2,800

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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.