Using the information provided in points bellow "..." calculate the net chargeable gain arising on the disposal of the freehold warehouse and shares in The City Limited, on the basis that any reliefs available are claimed. "On 25 April 2022 The City received proceeds of £250,000 for the sale of a warehouse which had been used for trading purposes. The original warehouse cost £25,000 when it was first acquired in December 1978 and was valued at £55,000 in March 1982. The sale was due to the company downsizing and The City bought a smaller replacement warehouse in October 2021 for £200,000 On 10 March 2022 The City sold its 100% investment in Lisbonnete Limited for £20,000. The expenses associated with the sale amounted to £5,000 and the original cost of the shares (in July 1992) was £80,000. Lisbonnete Limited was an active trading company throughout the period that it was owned by The City Limited."
Using the information provided in points bellow "..." calculate the net chargeable gain arising on the disposal of the freehold warehouse and shares in The City Limited, on the basis that any reliefs available are claimed.
"On 25 April 2022 The City received proceeds of £250,000 for the sale of a warehouse which had been used for trading purposes. The original warehouse cost £25,000 when it was first acquired in December 1978 and was valued at £55,000 in March 1982. The sale was due to the company downsizing and The City bought a smaller replacement warehouse in October 2021 for £200,000
On 10 March 2022 The City sold its 100% investment in Lisbonnete Limited for £20,000. The expenses associated with the sale amounted to £5,000 and the original cost of the shares (in July 1992) was £80,000. Lisbonnete Limited was an active trading company throughout the period that it was owned by The City Limited."
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