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Hi Sir
when proceeds exceed 6000 and cost less than 6000 do we use the higher of the 5/3 formula result against the proceeds or the lower off? In this example 10, the answer has written both answers down but not stated what answer i should choose if it was a objective question? Do i choose the lowest answer of the two?
Painting – non wasting chattel
Normal calculation
£
Disposal proceeds 10,000
Cost (2,000)
Chargeable gain 8,000
Restricted to 5?3 [10,000 – 6,000] = £6,667
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