QUESTION 1

QUESTION 2

QUESTION 3

Jamil had the following disposals during the tax year 2021/22: 1. Jamil bought a 5 -acre plot of land for 60,000. He sold 3 acres of the land at auction for 102,000 in August 2021. He had spent 2,500 installing drainage on the 3 acres which he sold. His disposal costs were 1,500. The market value of the remaining 2 acres at the date of sale was 48,000.00 2. Jamil bought a picture for 7,000 and had costs of acquisition of 300. He sold it in August 2021 for 4,500 and had costs of disposal of 200. 3. Jamil bought a holiday cottage for 78,000 and spent 15,000 on an extension and 5,000 on redecoration. He sold the cottage for 131,000 on 10 August 2021 . Jamil's other taxable income is 25,000 Required: Calculate Jamil's capital gains tax liability. David bought a house in Bristol on 1 July 2002 for 121,000. He lived in the house until 31 December 2005 when he moved to work elsewhere in the UK for two years. He returned on 31 December 2007, and lived in his house until 31 December 2010. On 1 January 2011 he purchased another house in Brighton and moved there, putting the house in Bristol on the market. The house in Bristol was eventually sold on 1 July 2019 for f 205,000 . (a) Which periods are treated as occupied and which are not? (b) Calculate chargeable gain on the disposal. Pauline sells a cottage that she had used as a holiday home on 1 March 2022. Details are as follows: Purchased October 1991 for 33,200 Extension built September 1992 for 6,000 Sold for 85,000 Purchase costs and selling costs were f800 and 1,900 respectively. Required: Compute Pauline's chargeable gain on the disposal of the cottage