Jon bough t a chargeable asset for 23,000 in May 1979. He incurred enhancement expenditure of 10,000
Question:
Jon bough t a chargeable asset for £23,000 in May 1979. He incurred enhancement expenditure of £10,000 in June 1981 an d a further £14,000 in July 1998 . The asset was valued at £58,500 on 31 March 1982 and was sold for £185,000 in February 2018.
(a) Compute the chargeable gain.
(b) Now re-compute the gain, assuming that the person who bought the asset from Jon in February 2018 was his wife (who lives with him).
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Computing a chargeable gain involves subtracting the total cost the initial purchase price of the as...View the full answer
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