Carol purchased a holiday flat in December 2007 for 100,000. She spent 5,000 on installing central heating
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Carol purchased a holiday flat in December 2007 for £100,000. She spent £5,000 on installing central heating in February 2008 and a further £750 on repainting the interior of the flat in March 2008. The flat was never Carol's main residence.
She sold the flat at auction in February 2018 for £172,000, paying a 5% fee to the auctioneer. Legal costs were £400 in December 2007 and £500 in February 2018 .
Compute Carol's chargeable gain on the disposal of the flat.
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Chargeable gain refers to the gain realized on the sale of an asset for tax purposes To calculate ch...View the full answer
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