In August 2010, Kathy paid 60,000 to acquire 90% of the ordinary shares of an unlisted trading
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In August 2010, Kathy paid £60,000 to acquire 90% of the ordinary shares of an unlisted trading company. In May 2018, she gave all of the shares to her son and both Kathy and her son elected that the gain arising on this gift should (as far as possible) be held-over. The net assets of the company on the date of the gift (at market value) were as follows:
(a) Compute the gain arising on the gift and the amount which may be held-over.
(b) Compute the gain arising in March 2021 when Kathy's son sells all the shares for £350,000.
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a Presumably the value of the shares on the date of the gift was 90 of 340000 306000 So the gain ar...View the full answer
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