On 31 May 1981, Joan acquired a 45-year lease on a property for 38,000. The market value
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On 31 May 1981, Joan acquired a 45-year lease on a property for £38,000. The market value of the lease on 31 March 1982 was £35,000. Enhancement expenditure of £12,500 was incurred on 31 May 1991. On 30 November 2020 Joan assigned the lease to Giles for £65,000. The property was never Joan's residence. Compute the chargeable gain.
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Rebasing applies since the lease was acquired before 31 March 1982 On 31 Marc...View the full answer
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