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could somebody from the bottom of their heart help me with this question.
Question
Trevor thomas had £5,000 capital loss brought forward from 2003/04.
Trevor disposed of some of his assets during 2004/05 as follows:
On 31/1/05 he sold his goverment security's for £5,000 when they matured. He had bought them in one block in august 1997 for £4,500.
On 30/06/04 he sold 4,500 of the ordinary shares that he owned in TA plc, receiving £42,750. The shareholding had been built up as follows:
2,000 shares bought 1/1/96 for £8,500.
1 for 4 bonus shares received 1/1/97
2,000 shares bought 1/2/98 for £9,100.
1,500 shares bought 1/1/01 for £7,200.
On 31/7/04 he sold part of a plot of land for £35,000. The land was part of a larger plot that had been bought on 1st january 1987 for £40,000. The remaining part of the land was valued at £140,000 at the time of sale.
On 31/8/04 he sold a gold watch for £6,900. He had bought it in december 2000 for £4,800.
The following indexation factors are available :
August 1997-April 1998 0.026
January 1996-February 1998 0.067
February 1998-April 1998 0.014
January 1987-April 1998 0.626.
Task 2.1
Show how the disposal of shares should be matched against the acquisitions, and calculate the gains or losses for each matching.
TAsk 2.2
Calculate the capital gain or loss of the other disposals of chargeable assets during 2004-05.
TAsk 2.3
Calculate the amount of capital gains tax that Trevor should pay for 2004/05.
Task 2.4
Suggest typical records that Trevor should maintain in respect of
(a) his investment income
(b) his property income
(c) his capital gains.
Your help would be appreciated
Many thanks
sebula.
Question
Trevor thomas had £5,000 capital loss brought forward from 2003/04.
Trevor disposed of some of his assets during 2004/05 as follows:
On 31/1/05 he sold his goverment security's for £5,000 when they matured. He had bought them in one block in august 1997 for £4,500.
On 30/06/04 he sold 4,500 of the ordinary shares that he owned in TA plc, receiving £42,750. The shareholding had been built up as follows:
2,000 shares bought 1/1/96 for £8,500.
1 for 4 bonus shares received 1/1/97
2,000 shares bought 1/2/98 for £9,100.
1,500 shares bought 1/1/01 for £7,200.
On 31/7/04 he sold part of a plot of land for £35,000. The land was part of a larger plot that had been bought on 1st january 1987 for £40,000. The remaining part of the land was valued at £140,000 at the time of sale.
On 31/8/04 he sold a gold watch for £6,900. He had bought it in december 2000 for £4,800.
The following indexation factors are available :
August 1997-April 1998 0.026
January 1996-February 1998 0.067
February 1998-April 1998 0.014
January 1987-April 1998 0.626.
Task 2.1
Show how the disposal of shares should be matched against the acquisitions, and calculate the gains or losses for each matching.
TAsk 2.2
Calculate the capital gain or loss of the other disposals of chargeable assets during 2004-05.
TAsk 2.3
Calculate the amount of capital gains tax that Trevor should pay for 2004/05.
Task 2.4
Suggest typical records that Trevor should maintain in respect of
(a) his investment income
(b) his property income
(c) his capital gains.
Your help would be appreciated
Many thanks
sebula.
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