- This topic has 3 replies, 2 voices, and was last updated 4 months ago by
Tax Tutor.
Tax Tutor.-
Posts
-
Sourav9271
- Topics: 157
- Replies: 103
- ☆☆☆
Sir,
The goodwill and freehold property were
Not owned 2 yrs prior..
So why is disposal qualified fir BAD-RQues:
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.
Tax Tutor
- Topics: 2
- Replies: 3920
- ☆☆☆☆☆
Can you send me a picture of the Kaplan answer please
Sourav9271
- Topics: 157
- Replies: 103
- ☆☆☆
https://photos.app.goo.gl/QKBc4QRoKsdTG4pSA
Sir,
Can I conclude that since entire business is being disposed the date of incorporation matters?Tax Tutor
- Topics: 2
- Replies: 3920
- ☆☆☆☆☆
There is no incorporation – this is an unincorporated trade and as I suspected the Kaplan answer does answer your question – read the tutorial note!
Sourav9271
Tax Tutor
- You must be logged in to reply to this topic.