Brad Pitt is a sole trader. He made the following disposals during the tax year. Brad has taxable income of 80,000 (after deducting his personal allowance).

• He purchased a workshop in August 2002 for 320,000, and sold it in November 2019 for 440,000.

He purchased a warehouse in May 2019 for 395,000.

The workshop does not qualify for entrepreneurs relief but rollover relief does apply.

• He sold his entire holding of 3,000 shares that he owned in Expo Limited for 6.75 each. He had bought all the shares in August 1998 for 10.00 each.
• He sold an antique table for 18,000 that he had bought in July 1996 for 7,000.
• He gave his daughter a field that was located 3 miles away from his home. He bought the field in April 1985 for 2,000. It was valued at 150,000 at the time of the gift, since it was now a possible housing development site.
• He sold his Classic Rolls Royce car for 25,000. He had owned the car since January 1983 when he had bought it for 5,000.
• He sold an antique vase for 7,000 that he had purchased for 1,500.
• He also sold a painting for 5,000 that he had purchased for 8,500.

1. Calculate any gain or loss on each disposal. Clearly state if there are any exempt disposals.
2. Calculate the CGT payable by Brad for the tax year (to the nearest ).
3. What will be the deemed cost of the warehouse when it is ultimately sold?

   TAX DATA

   CORPORATION TAX

   Augmented Profits Corporation Tax rate Corporation Tax rate

   Financial Year 2018 Financial Year 2019

   (1.4.2018 to 31.3.2019) (1.4.2019 to 31.3.2020)

   All Profits Main Rate 19% Main Rate 19%

   NATIONAL INSURANCE

   Tax Year 2019/2020

   Self-employed National Insurance Contributions (sole traders and partners)

   Class 2 contributions are payable at a flat rate of 3.00 per week, and in addition,

   Class 4 contributions are payable on the profits as follows:

   9% of profits for the year between 8,632 and 50,000 plus

   2% of profits above 50,000

   INCOME TAX

   Personal Allowancefor tax year 2019/20: 12,500

   Tax bands 2019/20

   Basic rate 20% 0-37,500

   Higher rate 40% 37,501 to 150,000

   Additional rate 45% over 150,000

   CAPITAL GAINS TAX FOR INDIVIDUALS

   2019/20

   Annual Exempt Amount 12,000

   Rates

   Gains on other assets 10% and 20% (for higher rate income tax payers)

   (10% where entrepreneurs relief is claimed)