Mathematics · Taxation / Capital Gains Tax
David and Angela Brook disposal details for tax year 2024/25: - Jointly owned main residence bought 1 Oct 2004 for £86,000, sold 30 Sep 2024 for £381,900. Occupied 1 Oct 2004 to 31 Mar 2008 and 1 Jan 2012 to 31 Dec 2018. Unoccupied 1 Apr 2008 to 31 Dec 2011 (employer-required UK work) and 1 Jan 2019 to 30 Sep 2024. - David transferred 20,000 £1 shares in Bend Ltd (cost £48,000 in June 2021) to Angela on 5 May 2024 (valued £64,000). - Angela sold 15,000 of these shares on 7 July 2024 for £62,400. - Angela disposed of a small business warehouse on 15 Oct 2024, gain £3,700. - Taxable income: Angela = £27,145; David = £0. What are David and Angela's respective Capital Gains Tax (CGT) liabilities for 2024/25?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1David: £4,800; Angela: £6,900
- 2David: £5,500; Angela: £8,100
- 3David: £6,118; Angela: £7,890
- 4David: £6,118; Angela: £8,452✓
Correct answer
David: £6,118; Angela: £8,452
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