Andrew sold a business asset to his sister, Victoria, for 130,000, in June 2020 when the market

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Andrew sold a business asset to his sister, Victoria, for £130,000, in June 2020 when the market value was £150,000. He had bought the asset in May 2014 for £120,000. Andrew and Victoria elected to hold over the gain. In May 2021, Victoria sold the asset for £180,000.

a) Determine Andrew’s chargeable gain on the disposal. Assume that any available reliefs are claimed.

b) Calculate Victoria’s chargeable gain on the sale of the asset.

Posted Date: Nov 15, 2021 09:27 AM

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Andrew sold a business asset to his sister, Victoria, for 130,000, in June 2020 when the market

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a Andrews chargeable gain on the disposal is 30000 The market val... View the full answer

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