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Answer to Example 9
(a)
Richard – Chargeable gain on shares sold at undervalue in March 2023
(b)
Richard’s son –
Base cost
£
£
Market value of shares in March 2023
200,000
Less cost
(60,000)
Capital Gain
140,000
Less:
Gain deferred
Capital gain
140,000
Less: Proceeds received – actual cost (85,000 – 60,000)
(25,000)
(115,000)
Revised gain eligible for business asset disposal relief
255,000
Less AEA
(12,300)
Taxable gain
242,700
CGT @ 10%
£1,270
£
Market value of shares in March 2023
200,000
Less: Gain deferred
(115,000)
Base cost
85,000
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