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Emma purchased an antique tapestry on 1 April 2003 for £12,500. The tapestry
was damaged on 1 May 2013 when it was worth £30,000. After the damage the
tapestry was worth £5,000.
On 1 July 2013 insurance proceeds of £30,000 were received, which were not
used to restore the tapestry.Required:
Calculate the chargeable gain and revised base cost in respect of the tapestry.
(3 marks)I have calculated a chargeable gain of $23,750
Base cost of $6,250
Is it correct?
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