You have recently joined a taxation practice and are required to prepare the tax calculations for 2021/22 for a client Angus McGuinty. Angus McGuinty is a professionally qualified engineer who works for the firm EngineerCo Limited. Angus is also a keen artist and runs a small part-time business alongside his employment. Using the information contained on the following pages, you are required to calculate his income from employment, and refer to the additional information in order to calculate the tax liabilities payable for Angus for the 2021/22 tax year.

Note

Angus made various capital disposals during the year as follows:

i. Sold a painting in August 2021 for 15,000, which originally cost 4,000. ii. Sold an antique vase for 3,500 which originally cost 7,000. iii. Sold an antique for 26,600, which originally cost 26,000. Costs on disposal of 900 were incurred.

iv. Sold a holiday cottage for 85,000, which originally cost 60,000. Legal fees on disposal were 1,200. Legal fees on acquisition were 1,000.

Question: Calculate the chargeable gains and Capital Gains Tax for Angus and explain the rules as a basis for your calculation.