prepare tax documentation for individuals edition $18$ solution to question $4\mathrm{.}9$

Answer to Q$-4\mathrm{.}9($Gains and losses, treatment of different classes of losses$)$

Please write your workings$/$explanations and answers in Blue cells QUESTION $4\mathrm{.}9$

$($Gains and losses, treatment of different classes of

losses$)$

During the $2021/22$ tax year, Bob Moray, a resident taxpayer, sold various

assets that realised capital gains and losses as follows:

Gain on sale of shares

Loss on sale of jewellery

Loss on sale of snooker table

Loss on sale of land

$$50,000$

$790$

$1,280$

$10,000$

Bob also had capital losses from previous years of $$5,000$ from the sale of

shares and $$3,000$ from the sale of artworks. In each case, the relevant

minimum cost thresholds have been exceeded. Any gains are subject to

discounting as they were purchased in $2000$ or later and were held for at

least $12$ months.

Calculate the minimum net capital gain that Bob is required to include as

assessable income for the $2021/22$ tax year.

Calculate any capital losses that Bob is able to carry forward to offset

against capital gains in future years.