Karen bought a house in 1994 for 42,000. In November 1995 she spent 18,000 on dividing the
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Karen bought a house in 1994 for £42,000. In November 1995 she spent £18,000 on dividing the house into two self-contained flats. In September 2019 she sold one of the flats for £95,000, at which time the other flat was valued at £105,000. In January 2022 she sold the second flat for £110,000. Karen never lived in either of the flats.
Compute the chargeable gains arising on Karen's two disposals, ignoring incidental costs of acquisition and disposal.
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In the UK the taxable gain refers to the profit made from the sale of an asset after accounting for ...View the full answer
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