acca TAX $-$ QUESTION $3(15$ marks$)$

Mr$.$ Nikos purchased a land plot in March $1966$ for $22,000$ euros. During January $1979$ he commenced construction of his house completed in December $1979$ at cost of $50,000$ euros. The market value of the land plot and the house on $1\mathrm{.}1\mathrm{.}1981$ was $130,000$ euros. In March $1997$ Nikos constructed a swimming pool at cost of $25,000$ euros.

On $1\mathrm{.}2.2017$ Nikos sold the land plot and the house for $600,000$ euros. He paid $3\%$ commission to an approved estate agent. Nikos used the house as his main residence throughout the period of ownership of property and he paid immovable property tax $1,500$ euros per year.

Nikos has a capital loss of $20,000$ brought forward from a previous sale of land plot and has not claimed so far any lifetime exemption.

Required

a$.$ Calculate Nikos$$ capital gains tax liability on the disposal of the house $(13$ marks$)$

b$.$ State by when Nikos capital gains tax liability should be paid $(2$ marks$)$