Question 4

In August this year Henry sold an antique table for 32,400. He had to pay 475 for special packaging, and agents fees of 5% of the sales price. He bought the table years ago at an auction for 295. In 1999 he had the legs repaired at a cost of 375.

Required:

Calculate for Henry what his capital gain will be, and the tax payable on the gain.

6 marks