In September 2020, Sid sells his holiday cottage for £320,000. He didn't take proper advice and could have sold it for £360,000. He purchased it in May 2001 for £130,000. During his ownership he added a conservatory in June 2002 costing £42,000. Redecoration over the years amounts to £17,000. Assume there are no incidental costs of acquisition or disposal costs. What is Sid's chargeable gain on the disposal

In September 2020, Sid sells his holiday cottage for £320,000. He didn't take proper advice and could have sold it for £360,000. He purchased it in May 2001 for £130,000. During his ownership he added a conservatory in June 2002 costing £42,000. Redecoration over the years amounts to £17,000. Assume there are no incidental costs of acquisition or disposal costs. What is Sid's chargeable gain on the disposal

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 66P

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