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- December 8, 2020 at 5:56 pm #598523
The following is an MCQ question:
A freehold warehouse was sold and this resulted in a chargeable gain of 2000000
the co. is planning on replacing the asset by reinvesting the entire amount of proceeds
The options are given are the alternate assets it’s planning on purchasing
which asset can the 2000000 be rolled over tooptions $ $
Land 0 2000000
office building 0 2000000
shares(this is the only asset not used for business purposes) 0 2000000
plant & machinery 0 2000000what is the answer for each option(it’s either 0 or 2000000)
I feel it’s 0 for everything except plant & machineryDecember 9, 2020 at 1:04 pm #598813You can look in your notes to see what assets are qualifying business assets for purposes of rollover relief – unfortunately you will discover that yours is not the right answer
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