In March 2021, Jonathan gives a business asset to his daughter. Jonathan acquired the asset for 25,000
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In March 2021, Jonathan gives a business asset to his daughter. Jonathan acquired the asset for £25,000 in May 2015 and its market value on the date of the gift is £60,000. Both Jonathan and his daughter elect that the gain arising should be held-over.
(a) Compute the gain arising on the gift and the amount which may be held-over.
(b) How would the computation differ if Jonathan's daughter paid him £32,000 for the asset?
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a The chargeable gain is 35000 60000 25000 The whole of th...View the full answer
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