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February 2, 2017 at 11:32 am
Kindly help me out with this question
Im getting confused about the calculation of CGT Liability
Mike sold an investment property on 1st Oct 2017 for GBP 700,000. He had acquired the building for GBP 100,000 in Mar 2005 and has extended it at a cost of GBP 20,000 in July 2007.
Mike also disposed of a painting on 1st Feb 2017 for GBP 10,000 incurring auctioneer’s fee of 2%. He acquired the painting for GBP 30,000 in Aug 2006. He has capital losses brought forward of GBP 19,000.
Mike taxable income of GBP 20,000 for the tax year 2016/17.
Calculate CGT payable for 2016/17.
Taxable gain I calculated: GBP 529,700
Total Capital Gains Tax liability = GBP 104,740
Tax rates used : 10% & 20%
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