Question 1. Scenario: On 01 May 1995 Alex James bought a house in Scotland for 55,000 and paid 2% stamp duty plus legal fees of 460 in addition to the purchase price. He lived in the house up until 31 April 2000 when he moved to Manchester for work until 31 Dec 2008 when he returned. During this period, he let the house to a tenant. He moved back to the house with the tenant and lived in his house until 01 Jan 2010 when he went abroad to take up employment. He returned to the UK on 30 Mar 2015 and was living with his girlfriend in Manchester until 31 Dec 2017 when he moved back to his house with the tenant still living in the house. Alex James lived in the house until 01 April 2018 and sold the house on 01 Nov 2022 for 332,000 incurring 2% agent fees. During the period he owned the house he spent the following amounts on the house. 2000 New Windows 4,500 2004 Driveway 6,800 2009 New bathroom 3,200 2010 Rear extension 64,000 2016 Repair a damage to the bathroom and windows 6,000 2019 New Roof 4,500 Required: 1. Give a brief overview of the UK tax system. (10 Marks) 2. Calculate the gain/loss arising for 2022/23 before any applicable reliefs. (20 Marks) 3. Calculate the taxable gain or loss for 2022/23 after application of applicable reliefs including letting relief Marks) (20 (Note: treat enhancement expenditure as shared proportionally between both disposals and round off calculations for Principal Private Residence Relief and/or Letting relief to the nearest month. Question 2. Page 8 of 11 Capital Gains Tax (CGT) is a tax levied on gains made on the disposal of chargeable assets by chargeable persons. There are available reliefs that could be used to reduce or defer the tax liabilities. Discuss any 4 reliefs with examples. marks) (40