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Could you help me with this question please?
Q. Liam purchased an antique vase for £22000 on 30 March 2002, incurring legal fees of £800.
The market value for an antique glassware has since slumped and Liam sold the vase for £5500 on 1 January 2017 incurring auctioneer fees of £300.
What is Liam’s allowable loss on this disposal?
P.s I have the answer but I’m unsure why it’s saying the disposal proceeds are £6000, when it was sold for £5500.
That would suggest you have not read the OT notes (chapter 12 page 82 section 5 on chattels) nor watched the lectures – I would strongly advise you do both to acquire the knowledge you need.