In July 2012, Malcolm bought a piece of land for £40,000. In June 2019 he sold part of the land for £11,000. This disposal was not caused by a compulsory purchase and was his only disposal of land in 2019-20. The value of the remainder of the land in June 2019 was £50,000. Malcolm had substantial capital gains in 2019-20, 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 2024 when Malcolm sells the remainder of the land for £60,000.