PCC Ltd is a manufacturing company which prepares accounts to 31 December each year.

The company made the following disposals of chargeable assets in the year to 31 December 2022:

(i) On 12 September 2022, 4,500 ordinary shares in Epsilon plc were sold for £7.50 each. PCC Ltd had bought ordinary shares in Epsilon plc as follows:

£

14 January 1988 Bought 2,000 shares 4,000 27 June 1991 Bought 3,000 shares 15,000 10 March 2001 Bought 4,000 shares 28,000

(ii) On 9 October 2022, two watercolour paintings (which do not form a set) were sold at auction. In each case, the auctioneer charged a 10% commission. The paintings had been acquired for £2,000 each in September 2002 and had been hanging in the company's reception area ever since. The net sale proceeds of the paintings (after deducting commission) were £5,175 and £5,805 respectively.

(iii) On 1 June 2022, a short lease was assigned for £7,000. The lease was originally acquired as a 20-year lease on 1 January 2008 at a cost of £20,000.

(iv) On 25 November 2022, a freehold property was sold for £115,000. The building had been acquired in August 2004 for £50,000. In February 2022 the company bought fixed plant for £100,000.

PCC Ltd intends to make any valid election which will reduce the amount of gains that are chargeable to corporation tax in the year to 31 December 2022.

On 1 January 2022, the company had capital losses brought forward of £6,689.

Required:

Compute the chargeable gain or allowable loss arising on each of the above disposals.

Hence compute the net chargeable gains figure which should be charged to corporation tax for the year to 31 December 2022. Assume Retail Price Indices as follows:

January 1988 103.3 August 2004 187.4 June 1991 134.1 January 2008 209.8 March 2001 172.2 December 2017 278.1 September 2002 177.6 Extracts from the short lease amortisation table given in Schedule 8 of the Taxation of Chargeable Gains Act 1992 are as follows:

5 years 26.722 6 years 31.195 20 years 72.770