During the year ended 5 April 2022 Eric (a higher rate taxpayer) disposed of the following asset:

(a) A small cottage in Devon which he had inherited in August 1988 when its value was 20,000 and he subsequently used as a holiday cottage for his own use. In September 1989 he had added a conservatory to the property at a cost of 3,500. Eric did not use the cottage as his main residence at any stage, and he sold it for 225,000 in July 2021. Eric incurred legal and estate agents fees of 1,500 on the disposal of the property.

(b) A vacant 8-hectare plot of land for 52,800 in February 2022. The plot was part of a 12-hectare plot originally bought by Eric for 31,700 in October 1988 and not used by him as a business asset nor is it associated with a residential property. Incidental costs of disposal were 1,300. The remaining 4-hectare plot was valued at 22,000 in February 2022.

Eric sold a motor car for 18,400. The car was purchased in January 2012 for 17,800.

(d) Eric sold an antique vase for 9,000. The antique vase had been purchased in January

2014, for 5,000.

Required:

1. Calculate Erics capital gain for the year of assessment 2021/22 after the annual exemption and the amount of capital gains tax payable by Eric for 2021/22, stating when the tax must be paid.

(25 marks)