Tx notes fa22 Final

June 2023 to March 2024 exams
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25. Cheryl 
Cheryl disposed of various assets, none of which were residential property in 2022/23, resulting in 
chargeable gains of £40,300. Her taxable income was £31,000 and she made a gift aid payment of 
£1,600 in the tax year.
Calculate Cheryl’s capital gains tax for 2022/23 and state the due date for payment 
26. Shamus 
Shamus acquired a commercial property in October 2021 for £124,000. This was damaged by 
flooding in December 2022. In January 2023 the insurance company made a payment of £50,000. In 
February 2023 Shamus spent £60,000 restoring the property. The property was worth £160,000 prior 
to the restoration. He made an election to deduct the proceeds from the cost of the property on a 
future disposal.
Calculate any capital gain arising on the receipt of the insurance proceeds in January 2023 
and the base cost of the property on a future disposal. Recompute these figures assuming 
that no election was made. 
27. Zoe 
Zoe acquired 1,500 shares in XYZ Ltd on 30 April 2022 for £18,000, and 500 shares on 31 May 2022 
for £7,000. 
On 10 February 2023 Zoe bought a further 200 shares in the company for £3,600.
Zoe sold 1,000 shares in XYZ Ltd on 31 January 2023 for £20,000.
Calculate Zoe’s capital gain on the disposal of the shares. 
28. Michael 
Michael had the following transactions in the shares of Saint Ltd:
Calculate the capital gain on the disposal in August 2022.


January 2022
Purchased 2,700 shares for £5,400
May 2022
Purchased 600 shares for £1,500
June 2022
Took up 1 for 3 rights issue at £2.30 per share
August 2022
Sold 4,000 shares for £14,000

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