Question
Vicky Disposed of the following assets in the tax year 2020-21 1. An antique table which cost 25,000 in April 2002 was sold at Auction
Vicky Disposed of the following assets in the tax year 2020-21 1. An antique table which cost 25,000 in April 2002 was sold at Auction for 35,000 before a commission of 5% 2. A holiday cottage which was transferred to his brother for 35,000 when its market value was 43,000. It has cost 37,500 in May 2004. 3. One Acre of a three-acre plot land acquired in April 1989 for 30,000. This was sold for 18,000 at which point remaining land was worth 25,000. The expenses for the sale were 500. 4. Vicky sold 100 shares in Raymond plc held within ISA. These cost 1,800 and were sold for 2000 before a commission of 50. 5. Vicky sold 1,200 shares in RK plc bought in January 1999 for 7,000. Vicky realised 8,500 from this sale. The price dropped significantly in the days after Vicky Sold and he decided to reinvest the proceed back into RK plc one week later. He managed to buy 2000 shares with his proceeds of 8,500. Required:
Calculate Vickys Capital Gains Tax liability for 2020/21, assuming he made no other disposals during the year and is a higher rate taxpayer
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