Belicek made a number of disposals during the tax year 2016/17. Which one of the following disposals would be a chargeable disposal for capital gains tax purposes?
A. Sale of a racehorse. The market value of the racehorse was £25,000, but Belicek agreed to a selling price of £24,000. The racehorse was acquired by Belicek at a cost of £11,000.
B. Gift to a friend of an antique vase worth £1,000,000. The vase was acquired by Belicek at a cost of £700,000.
C. Gift to a charity of £32,000 in National Savings Certificates
D. Sale of Belicek’s principal private residence
A) sale of race horce is taxable
Capital gain=sale value - cost of acquisition
=24000-11000
=13000
B)gift to any person from any person taxed in the hands of
Receipeint at fair market value.
C) Gift to charity is not taxable.
D) sale of residential house is tax free if those funds invested in another residential house as per 54b or in specified bonds as per 54ec
Belicek made a number of disposals during the tax year 2016/17. Which one of the following...
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