Tx notes fa22 Final

June 2023 to March 2024 exams
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Jane
Jane is unable to use her 2021/22 AEA since her gains are covered by current year losses. 
She has net losses of £3,000 (10,000 - 7,000) to carry forward to 2022/23.
The capital loss b/f is used so as to reduce the net gains of the year down to a nil taxable gain, and 
preserving the AEA in full. 
Capital loss to carry forward is then 3,000 – 700 = £2,300.
2021/22 
Capital gains in the tax year
7,000
Capital losses in the tax year
(10,000)
Net Capital Gains in the tax year
Nil 
2022/23 
Capital gains in the tax year
15,000
Capital losses in the tax year
(2,000)
Net Capital Gains in the tax year
13,000
Less AEA
(12,300)
Net Capital Gains
700
Less Capital losses b/f
(700)
Taxable Gain
Nil 

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June 2023 to March 2024 exams
Watch free ACCA TX lectures
Answer to Example 8
 
Gollum transfers the ring at no gain/no loss in December 2022 which will be at the cost to Gollum of 
£12,000.
Frodo sells the ring:
Frodo simply takes on the original cost of the asset from Gollum in now computing his gain on sale.
Answer to Example 9
 
 
 
 
£
Disposal Proceeds
20,000
Less Cost
(12,000)
Capital gain
8,000
£
Proceeds
16,000
Less Acquisition cost 
26,000 x
16,000
(8,320)
16,000 + 34,000
Chargeable gain
7,680

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