• Storm disposed of the following assets during the tax year 2023-24:• A holiday apartment located in Italy. She originally purchased the apartment in 2010 for £125,000, incurring legal costs of £660 on the purchase. Storm during her ownership had spent £500 redecorating the apartment and £8,500 adding a swimming pool, the pool was included with the sale. The apartment was never Storm's main residence. The apartment was sold at auction on 1 May 2023 for £250,000 this was subject to a 5% auctioneer's fee.• Storm sold her Porsche car for €25,000 on 25 December 2023. She had originally acquired this in 2019 for £27,000.• Storm gifted an antique necklace valued at €25,000 to her civil partner for his birthday in September. The necklace originally cost £8,000 in 2014.• On 2 April 2024 Storm disposed of her entire shareholding of 100 shares in a small, limited company, X Limited. She was the only shareholder and director in this company. She subscribed for the shares at par value of £1 per share. She disposed of the shares in the company for £750,000. She incurred legal and advisory fees associated with the sale of £3,750.Other than the transactions noted above Storm has not bought or sold any other assets in the 2023-24 tax year. She has capital losses brought forward from a previous tax year of £6,500.Storm's income chargeable to income tax in the 2023-24 year after deduction of her personal allowance) is £56,000 making her a higher rate taxpayer for income tax purposes.
• Required:
• a)Explain the treatment for capital gains purposes of the items noted above.

• b. Calculate Storm's Capital Gains Tax liability for the 2023-24 tax year. Assume that all available reliefs are claimed.

  
  

 

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