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1. An antique table which cost 25,000 in April 2002 was sold at Auction for 35,000 before a commission of 5% 2. A holiday cottage
1. An antique table which cost £25,000 in April 2002 was sold at Auction for £35,000 before a commission of 5%
2. A holiday cottage which was transferred to his Sister for £35,000 when its market value was £43,000. It has cost £37,500 in May 2004.
3. One Acre of a four-acre plot land acquired in April 1989 for £40,000. This was sold for £20,000 at which point remaining land was worth £35,000. The expenses for the sale were £500.
4. Nathan sold 300 shares in Richmond plc held within ISA. These cost £1,800 and were sold for £2000 before a commission of £50.
5. Nathan sold 1,200 shares in PK plc bought in January 2000 for £7,000. Nathan realised £12,000 from this sale. The price dropped significantly in the days after Nathan Sold and he decided to reinvest the proceed back into PK plc Two week later. He managed to buy 2000 shares with his proceeds of £12,000.
6. Nathan Sold a painting for £8,000. He bought the painting for £5,000 three years before.
Required:Calculate Nathan's Capital Gains Tax liability for 2021/22, assuming he made no other disposals during the year and he had a taxable income of £30,700. show all the relevant working clearly.
2. A holiday cottage which was transferred to his Sister for £35,000 when its market value was £43,000. It has cost £37,500 in May 2004.
3. One Acre of a four-acre plot land acquired in April 1989 for £40,000. This was sold for £20,000 at which point remaining land was worth £35,000. The expenses for the sale were £500.
4. Nathan sold 300 shares in Richmond plc held within ISA. These cost £1,800 and were sold for £2000 before a commission of £50.
5. Nathan sold 1,200 shares in PK plc bought in January 2000 for £7,000. Nathan realised £12,000 from this sale. The price dropped significantly in the days after Nathan Sold and he decided to reinvest the proceed back into PK plc Two week later. He managed to buy 2000 shares with his proceeds of £12,000.
6. Nathan Sold a painting for £8,000. He bought the painting for £5,000 three years before.
Required:Calculate Nathan's Capital Gains Tax liability for 2021/22, assuming he made no other disposals during the year and he had a taxable income of £30,700. show all the relevant working clearly.
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