SARAH

Sarah made the following disposals in the tax year 2019/20:

(a) On 9 July 2019 she sold an antique organ for 13,000. She had bought it in October 1994 for 8,000.

(b) On 5 September 2019 she sold a painting at an auction. The painting cost 7,500 in November 1995 and the sale proceeds received were 5,800 from which Sarah had to pay 60 auctioneers fees.

(c) On 16 November 2019 she sold a car, which she had bought in February 1990 for 3,000. By the time she sold it, it had become a collectors item and Sarah managed to obtain proceeds of 9,000, out of which she paid 450 in auctioneers fees.

(d) On 5 December 2019 she sold part of her interest in a piece of investment land for 30,000. The original land cost 10,000 in August 1993. The market value of the remaining land at the date of sale was 40,000.

(e) On 1 March 2020 she sold her principal private residence realising a gain of 50,000. The residence was acquired in 2010 and has been used throughout her period of ownership 20% for business purposes.

Sarah has capital losses brought forward from the tax year 2018/19 of 520.

Sarah has taxable income of 28,225 in the tax year 2019/20.

Required:

Calculate Sarahs capital gains tax payable for the tax year 2019/20 and state the due date for payment. (15 marks)

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