CASE STUDY

Today's date is $6$ January $2025$

Luke Littler is a senior sales executive at Robox Plc$.$ From $6$ April $2024,$ Luke earned a gross salary of $\backslash (58,000\backslash )$ per annum and a bonus of $\backslash (12,500\backslash ).$

Throughout the tax year, Luke had exclusive use of an Audi motor car $($petrol engine$),$ which emits $\backslash (79\backslash$mathrm$\{$~g$\}/\backslash$mathrm$\{$km$\}\backslash )$ CO$2.$ The car was originally acquired for $\backslash (42,000\backslash )$ and has a list price of $\backslash (44,950\backslash ).$ Robox Plc pay for all of Luke$$s fuel, including private fuel, although $\backslash (20\backslash )$ per month is deducted from his net pay as a contribution towards the private fuel.

As Luke travels in his role, he has exclusive use of a flat owned by the company, with an annual value of $\backslash (9,500\backslash ).$ The property was acquired for $165,000$ in December $2008,$ and was made available to Luke from $6$ April $2024($when its market value had increased to $\backslash (328,000\backslash )).$ The official rate of interest was $\backslash (2\mathrm{.}5\backslash \%\backslash ).$

Luke has recently separated from Eloise, after being married for $19$ years. They are looking to sell their marital home that is worth $\backslash (425,000\backslash )$ and has an outstanding mortgage of $\backslash (160,000\backslash ).$ The house is currently jointly owned. Once sold, Luke is going to buy a new house, however, as he needs a sole mortgage for the new property, he needs to put down a deposit of $\backslash (180,000\backslash ).$ The proceeds to Luke and Eloise from the sale would be half of the profits each.

Luke has realised that he had been quite conservative with his investments. Luke has an ISA worth $\backslash (9,000\backslash ),$ which has a rate of return of $\backslash (3\backslash \%\backslash ).$ He has a personal savings account with his bank, which currently has $\backslash (4,250\backslash )$ invested and gives a return of $\backslash (2\backslash \%\backslash ).$

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