In October 2011, Matthew bought a piece of rare porcelain for 10,000. The porcelain was damaged in

Question:

In October 2011, Matthew bought a piece of rare porcelain for £10,000. The porcelain was damaged in early 2018 and in February of that year Matthew spent £3,850 on restoration work. In July 2018, Matthew's insurance company paid him £4,000 and Matthew successfully claimed that this should not be treated as a part disposal. He sold the porcelain in March 2023 for £23,500. Compute the chargeable gain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: