Taxation Rebasing Assets

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
Hi<BR><BR>Can anyone help with this homework question ?<BR><BR>30yr Lease acquired 1st Jan 1980 cost £18000<BR>Sold 1st July 2003 £29000<BR><BR>Compute any chargeable gain arising.<BR><BR>As I understand it there has to be two computations one based on the value at the 1st Jan 1980, the other based on the value at 31st March 1982.<BR><BR>What I cannot grasp is how I calculate the value of the lease at 31st March 1982.<BR><BR>Thanks in advance for anyhelp.<BR><BR>Roz<BR><BR><BR>

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Taxation Rebasing Assets

    to calculate the value of the lease as at1982 there shoulld be some kind of rebasing value to use.(as in the indexatuion used in calculating gains).<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Taxation Rebasing Assets

    the march 82 value should be in the queation or how else would you know it<BR><BR>remember thst short leases are wasting assets and there is deemed to waste oner their life
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Taxation Rebasing Assets

    Sorry to be a pain, but is this in the current syllabus??? According to BPP we do not have to deal with assets acquired before March 1982 under the new syllabus.<BR>Now I am panicking!!!<BR><BR>Edit

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