Sir,
The goodwill and freehold property were
Not owned 2 yrs prior..
So why is disposal qualified fir BAD-R
Ques:
On 30 June 2020 Michael sold a business that he had run as a sole trader since 1st January 2016. He realised the following gains and losses on the chargeable assets of
the business:
Goodwill 60,000
Freehold property 64,000
Storage unit (13,000)
The goodwill has been built up since 1 January 2016. The freehold property had been
acquired 6 months prior to the date of disposal and the storage unit had been acquired
on 1 June 2017.
Ask the Tutor ACCA TX-UK
165:Micheal Chin (Kap)
Can you send me a picture of the Kaplan answer please
There is no incorporation - this is an unincorporated trade and as I suspected the Kaplan answer does answer your question - read the tutorial note!
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