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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › tax income and chargeable gains tax
hello, sir I am struggling with this question. Can I get some idea for this question?
I was employed until 31st December 2020. The P45 I received from this job had salary of £18,750 with tax paid of £1,875. From 1st January I have been self-employed, my first accounts to 31st December 2021 had taxable profits of £21,000. I have also owned another company for many years, from this I have dividend income of £7,000 and I have interest received from my savings of £1,400 and from my ISA of £700.
I also sold some of my personal assets and received the following:
1. Six acres of land for £61,000. This represents part of a 10 acre plot I purchased in 1993 for £39,000. The remaining four acres are valued at £45,000.
2. £100,000 for the house I used to live in. I bought the house in February 2016 for £45,000. I lived in the house for 8 months before moving overseas to work for 12 months, when I returned I moved in with my then girlfriend, now wife.
3. £75,000 for 50% shareholding in my business (which I started), I originally invested £5,000 for these shares.
4. £30,000 for a painting I acquired for £14,000
Please could you let me know the income tax and capital gains tax liability for the year.
Let me know what part of the answer you do not understand.
Hey there,
I am also struggling with this question on point 2 and 3 can you please help me?
Sorry for any misunderstanding – but I wanted you to show me the model answer and identify which part of that answer you don’t understand
