Tx notes fa22 Final

June 2023 to March 2024 exams
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29. Jenny 
Jenny disposed of her entire business in October 2022 giving rise to the following gains and losses:
She had owned the business for five years. 
In addition she disposed of her entire shareholding in Max Limited giving rise to a gain of £145,000.
She owned 15% of the shares in Max Limited for 3 years and had worked for Max Ltd as an 
employee for the entire period of ownership.
Jenny has capital losses brought forward at 6 April 2022 of £15,000 and her taxable income for 
2022/23 was £30,000.
Calculate Jenny’s Capital Gains Tax for 2022/23 and state the due date for payment. 
30. Wendy 
Wendy purchased shares in an unquoted trading company of which she owned a 1% holding (and 
worked part time) in November 1999 for £40,000. In January 2023 she sold them to her grandson for 
£70,000 when their value was £165,000. Wendy and her grandson claimed relief for a gift of business 
assets.
(a)
What is the chargeable gain, if any, incurred by Wendy? 
(b)
What is the base cost of the shares for Wendy’s grandson? 
31. Amy 
Amy bought a house on 1 April 1995 and occupied as follows:
1/4/1995
– 
31/3/1996
Lived in it
1/4/1996
–
30/9/2000
Travels the world 
1/10/2000
–
31/3/2004
Lived in it
1/4/2004
–
30/6/2018
Working elsewhere in UK 
1/7/2019
– 
30/4/2019
Lived in it
1/5/2020
–
1/5/2022
House empty
Amy sold the house on 1 May 2022 for £400,000. It cost £190,000 on 1 April 1995.
Calculate the chargeable gain on the sale of the house after considering all reliefs.


Gain
Loss
Goodwill
100,000
Factory used in the business
250,000
Investment commercial property
80,000
Warehouse used in business
(50,000)

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