Which of the following disposals might give rise to a CGT liability? (a) The sale of antique

Question:

Which of the following disposals might give rise to a CGT liability?

(a) The sale of antique furniture by a UK company,

(b) The gift of shares from husband to wife (assuming that the couple live together)

(d) The sale of an oil painting by a charity,

(e) The sale of an oil painting by an art dealer.

(f) The sale of an office building by a partnership.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Taxation Finance Act 2021

ISBN: 9781292406725

27th Edition

Authors: Alan Melville

See More Books

Question Posted: Jan 31, 2024 02:01 AM

See More Questions

1. Which of the following is an expense that is deductible to a business taxpayer? Select one: Extra food bought by a rugby player who needs to bulk up in order to play first grade and get paid more...
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
Raul recently started a real estate company with a unique way of presenting a menu of services, each with a fixed price, rather than usi grown to 21 brokers, and he has plans to expand his model...
Reconsider the Izod impact test on PVC pipe described in Exercise 8-23. Suppose that you want to use the data from this experiment to support a claim that the mean impact strength exceeds the ASTM...
General Journal Transactions Dec. 01 Paid cash for months rent, $1,200.00; Check No. 3829. 01 Paid cash for monthly telephone bill, $237.73; Check No. 3830. 02 Paid cash for delivery charges, $42.00;...
You receive a Visa credit card bill for $$2,995,$ but it includes a charge of $$1,750$ that was not valid. (That is, the true value is $$1,750$ less than the bill claims.) Find the values of...
The U.S. Securities and Exchange Commission (SEC) is an independent, nonpartisan, quasi-judicial regulatory agency with responsibility for administering the federal securities laws. Publicly traded...
1) Draw the graphics required below according to the figures given below. Y[n] x(t)4 3 n -1 0 1 2 3 1 a) Y[n/2] u[n] b) Y[n]([n-1]+[n+1]) c) Y[2n] d) X(-t) e) 2X(t+2) f) X(2t+2) g) X(1-3t) 3
Which of the following are chargeable assets for CGT purposes? (a) (c) (e) shares in a limited company an antique table worth 20,000 a taxpayer's home (b) gilt-edged securities (d) (f) an antique...
Leonard is employed and received a gross salary of 3,452 per month during tax year 2021-22. He also has a small business and paid 52 Class 2 NICs for the year. His trading income for 2021-22 was...
As long as each click on an ad link on the Web triggers a commission that has to be paid, we will be facing a financial formula that gives rise to unethical behavior. Do you think that technology...
What number is used as the base when we conduct vertical analysis on the balance sheet? Why does that number make the most sense to use as the base?
Peet's Coffee is considering a new project. It has a target capital structure of 50% debt, 45% equity and 5% preferred stock. Peet's has noncallable bonds outstanding, with a coupon rate of 8.5%...
List and describe 2 of the most common federal regulatory issues facinghealthcareorganizations today. What are the financial consequences of noncompliance?
Alexi has a $15,000 1231 loss in 2023. Alexi could sell business equipment held 30 months for a $20,000 1231 gain and a $12,000 1245 gain. Alexi is in the 24% tax bracket in 2023. Alexi has no non...
1. Why is insurance important? Choose two types of insurance and discuss their characteristics. 2. What questions should you ask yourself before you choose a life insurance policy? 3. What factors...
Hurley Company produces two industrial cleansers, Pocolimpio and Maslimpio, that use the same liquid chemical input. Pocolimpio uses two quarts of the chemical for every unit produced, and Maslimpio...
As you rewrite these sentences, replace the cliches and buzzwords with plain language (if you don't recognize any of these terms, you can find definitions online): a. Being a jack-of-all-trades, Dave...
Petersford plc prepares accounts to 31 December each year. On 1 January 2014, the company acquired a non-current asset at a cost of 256,000 and decided to depreciate this asset on the straight-line...
The statement of financial position of Aadvaark Trading Ltd at 30 November 2018 (with comparatives for 2017) is as follows: Statement of financial position at 30 November 2018. The following...
The following draft financial statements are available for Sipfalor plc for the year ended 31 May 2018: Statement of financial position at 31 May 2018. Statement of profit or loss for the year to 31...
An accountant made the following adjustments at December 31, the end of the accounting period: (Click the icon to view the adjustments.) Read the requirements. c. Unearned service revenue, beginning,...
Assets Comparative Balance Sheet at December 31 Cash and cash equivalents Accounts receivable This YearLast Year Inventory Prepaid expenses Total current assets Property, plant, and equipment Less...
Although Amina's firm does not currently do business with Jiang's firm, Jiang wrote a report on how his firm can help Amina's firm reduce cost and improve quality if she buys raw materials from his...

Which of the following disposals might give rise to a CGT liability? (a) The sale of antique

Question:

Step by Step Answer:

Capital Gains Tax CGT is a tax on the profit when you sell or dispose of something an asset thats in...View the full answer

Taxation Finance Act 2021

Students also viewed these Business questions