S1 Ltd and S2 Ltd belong to the same capital gains group. In May 2014, S1 Ltd
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S1 Ltd and S2 Ltd belong to the same capital gains group. In May 2014, S1 Ltd transferred a chargeable asset to S2 Ltd. This asset had originally cost £10,000 and its market value in May 2014 was £25,000. Indexation allowance of £1,350 would have been available in May 2014 If the asset had been so ld outside the group . S2 Ltd (which prepares accounts to 31 December) leaves the group in March 2018.
(a) Calculate the degrouping gain arising on the departure of S2 Ltd.
(b) Explain the tax treatment of this gain.
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a S2 Ltd is deemed to have sold the asset for 25000 in May 2014 and th...View the full answer
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