In July 2008, Malcolm bought a piece of land for £40,000. In June 2013 he sold part of the land for £11,000. This disposal was not caused by a compulsory purchase and was h is only disposal of la nd in 2013-14. The value of the remainder of the land in June 2013 was £50,000. Malcolm had substantial capital gains in 2013 -14, sufficient to absorb his annual exemption for the year, and therefore decided to make a small part disposal claim.
Calculate the chargeable gain arising in January 2018 when Malcolm sells the remainder of the land for £60,000.