Paolo started his own, and only, business as a sole trader in 2000 and has decided to sell it to Leo in the tax year 2020/21. He realised following gains/(losses) Factory Goodwill Warehouse E £255,000 £130,000 (£75,000) Investment property (currently let) All the assets have been held by Paolo for many years. He has no other gains or losses in the tax year 2020/21 but has capital losses brought forward of £13,000. His only other income for the year is trading profit of £35,000 £170,000 Required: Calculate the amount of CGT payable by Paolo on the sale of his business claiming all relevant reliefs.
Paolo started his own, and only, business as a sole trader in 2000 and has decided to sell it to Leo in the tax year 2020/21. He realised following gains/(losses) Factory Goodwill Warehouse E £255,000 £130,000 (£75,000) Investment property (currently let) All the assets have been held by Paolo for many years. He has no other gains or losses in the tax year 2020/21 but has capital losses brought forward of £13,000. His only other income for the year is trading profit of £35,000 £170,000 Required: Calculate the amount of CGT payable by Paolo on the sale of his business claiming all relevant reliefs.
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 42P
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