16-During the tax year 2019/20, John received total proceeds of £90,000 from the disposal of his estates which he purchased for £40,000. He incurred incidental costs of disposal worth £5,000 and a capital loss of £10,000 from the disposal of his vehicles in the tax year 2018/19. Calculate the amount of capital gain tax, as per the UK tax laws. a. £10,000 b. £4,500 c. None of the options d.
16-During the tax year 2019/20, John received total proceeds of £90,000 from the disposal of his estates which he purchased for £40,000. He incurred incidental costs of disposal worth £5,000 and a capital loss of £10,000 from the disposal of his vehicles in the tax year 2018/19. Calculate the amount of capital gain tax, as per the UK tax laws. a. £10,000 b. £4,500 c. None of the options d.
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 23CE
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16-During the tax year 2019/20, John received total proceeds of £90,000 from the disposal of his estates which he purchased for £40,000. He incurred incidental costs of disposal worth £5,000 and a capital loss of £10,000 from the disposal of his vehicles in the tax year 2018/19. Calculate the amount of capital gain tax , as per the UK tax laws.
a. £10,000
b. £4,500
c. None of the options
d. £2,300
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Publisher:
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