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Non-wasting chattels

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  • May 8, 2020 at 4:34 am
    Non-wasting chattels 2
    harigovind1
    Participant

    I have a problem on this question, I am writing it down.
    “Habib purchased a copyright on 30 April 2003 for Gbp31,320. The remaining life of the copyright at the date of purchase was 30 years. On 30 April 2019, Habib sold the copyright for GBP 27900.”
    Calculate allowable gain or loss.
    My answer to this question was GBP 11,196, but question has computed it as GBP 13,284.
    If I am wrong in any of the concept, please help me clarify it.
    Thankyou

    May 8, 2020 at 11:09 am
    Non-wasting chattels 3
    Tax Tutor
    Keymaster

    Have you watched the OT lecture and worked through the relevant study notes (?)- as you should then have got the correct answer! Let me know when you have done this and if you have then understood the answer.

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