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chapter 14 example 8

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › chapter 14 example 8

  • This topic has 2 replies, 2 voices, and was last updated 7 years ago by Tax Tutor.
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  • Author
    Posts
  • June 13, 2017 at 9:55 pm #393060
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    Dear Tutor,

    Example 8: Richard acquired a 25% holding in an unquoted trading company in March 1991 for £60,000. He immediately became an employee of
    the company.
    In March 2017 he sold the shares to his son for £85,000 when their value was £200,000. Richard and his son claimed relief for a gift of a
    business asset.

    My Question:
    As per lec note, “(a) When a claim for gift relief is made, the donor may lose entitlement to entrepreneurs’ relief”,
    then in Example 8 when Richard claimed for gift relief why did we grant him entrepreneur’s relief by charging CGT rate of 10%, shouldn’t he lose the Entrepreneur’s relief for claiming gift relief?

    Also, I didn’t quite understand point (b) “If the asset qualifies, then gift relief if claimed is applied before entrepreneurs’ relief”.

    Thanks.

    June 13, 2017 at 9:58 pm #393062
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    My apologies. I went through the lecture note and video tutorial once again and understood the concept now. So kindly do ignore this question.

    Thanks.

    June 14, 2017 at 10:51 am #393123
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Pleased you were able to solve your own question – always the best way to learn!

  • Author
    Posts
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