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CGT ((Individuals) chap:14 example:6 pg:93

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › CGT ((Individuals) chap:14 example:6 pg:93

  • This topic has 3 replies, 2 voices, and was last updated 10 years ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • April 7, 2015 at 7:34 pm #240450
    SHAMIUL
    Member
    • Topics: 5
    • Replies: 5
    • ☆

    Dear concern

    CGT £200000(500000-300000)

    As all sales proceeds has been reinvested eligible for rollover relief.

    So £200000 wasn’t deducted from leasehold factory £600000 to get the base cost !!

    Is that only because leasehold property was sold on February 2015 ?
    If the sale on feb 2015 wasn’t mentioned then we would have £ (600000-200000)= £ 400000 base cost of leasehold factory ..
    Is it correct !!!
    and what happens to the base cost in my given situation.

    Plz let me know

    April 9, 2015 at 3:25 pm #240666
    SHAMIUL
    Member
    • Topics: 5
    • Replies: 5
    • ☆

    | QUOTE REPLYApril 7, 2015 at 7:34 pm
    avatar
    SHAMIUL
    Participant
    Topics: 2
    Replies: 0
    Dear concern

    CGT £200000(500000-300000)

    As all sales proceeds has been reinvested eligible for rollover relief.

    So £200000 wasn’t deducted from leasehold factory £600000 to get the base cost !!

    Is that only because leasehold property was sold on February 2015 ?
    If the sale on feb 2015 wasn’t mentioned then we would have £ (600000-200000)= £ 400000 base cost of leasehold factory ..
    Is it correct !!!
    and what happens to the base cost in my given situation.

    Plz let me know

    April 9, 2015 at 3:26 pm #240667
    SHAMIUL
    Member
    • Topics: 5
    • Replies: 5
    • ☆

    Dear concern

    CGT £200000(500000-300000)

    As all sales proceeds has been reinvested eligible for rollover relief.

    So £200000 wasn’t deducted from leasehold factory £600000 to get the base cost !!

    Is that only because leasehold property was sold on February 2015 ?
    If the sale on feb 2015 wasn’t mentioned then we would have £ (600000-200000)= £ 400000 base cost of leasehold factory ..
    Is it correct !!!
    and what happens to the base cost in my given situation.

    Plz let me know

    April 9, 2015 at 6:50 pm #240681
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Have you listened to the lecture that deals with this example and read the note that precedes the example? When a depreciating asset is purchased the gain is NOT rolled over against the cost of the depreciating asset – here the leasehold property, but is instead deferred until the earlier of the 3 stated events, in this case the subsequent sale of the leasehold property.

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    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
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