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Paolo started his own, and only, business as a sole trader in 2000 and has decided to sell it to Leo in the tax
Paolo started his own, and only, business as a sole trader in 2000 and has decided to sell it to Leo in the tax year 2020/21. He realised following gains/(losses) Factory Goodwill Warehouse 255,000 130,000 (75,000) 170,000 Investment property (currently let) All the assets have been held by Paolo for many years. He has no other gains or losses in the tax year 2020/21 but has capital losses brought forward of 13,000. His only other income for the year is trading profit of 35,000. Required: Calculate the amount of CGT payable by Paolo on the sale of his business claiming all relevant reliefs. Edit View Insert Format Tools Table T n (8 marks)
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