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In section 6.5 Sale at undervalue, where the calculation is explained: Has there been a mistake in writing out the signs for greater than (>) and less than (<)? Because in the lecture you said the opposite of what is in the notes so I wonder which one is correct
is this the bullet points?
The manual is correct – I’m afraid I always get the greater/less than the wrong way round – I just cant get it into my head after all these years – sorry!
So this is the correct format right?
If the actual proceeds received LESS THAN EQUALS TO original cost of the asset:
– gift relief available = all of the gain (as if it were an outright gift)If the actual proceeds received GREATER THAN original cost of the asset:
– any excess = chargeable to CGT at the date of the sale at undervaluation
gift relief available = the remainder of the gain.
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