Oliver is considering selling a sculpture he owns. The valuer says that the sculpture could fetch around £26,000 and he would charge 4% of the sale proceeds for selling it.  When Fred inherited it from his grandma it was valued at £9,500.  Oliver has had the sculpture mounted on a pedestal, which cost him £900, and he also had a chip repaired at a cost of £400. 

Oliver had other taxable income of £32,000 in 2023/24.

Required:

Calculate for Oliver what his capital gain would be and the tax payable on it.

Answer rating: 100% (QA)

Firstly we need to calculate the capital gain The capital gain is obtained by subtracting the cost o... View the full answer