Business Tax FA2020 Practice assessment 2

Lucy73
Lucy73 Registered Posts: 1
Got my business tax exam tomorrow so I’m praying someone can help me with the online practice assessment 2, question 10 A and B.

A) in the 20/21 tax year Samit was a higher rate taxpayer. His only capital gain in the year was from the sale of his share in a trading partnership, which he has owned for many years. He realised a capital gain of £500,000. In the 2015/16 tax year, Samit had sold a 15% interest in a listed company realising a gain of £12,000,000.

The answer is £48,770 and I can’t work it out, help!

B) in 2019, Hames made the following purchases of trading properties. 12 July 19, a retail unit for £250,000 and 1st August a factory for £325,000. On 31st July 2020 James sold a warehouse unit for £350,000, realising a gain of £75,000. James rollover relief claim for the 2020/21 tax year is?

The answer is £50,000 and again I can’t figure it out!

Any help would be appreciated thank you :)
Privacy Policy