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On 1 January 2013 Adam sold a qualifying asset to his son, Bernard, for £12,000. At that time the market value of the asset was £22,000. Adam had purchased the asset in July 2007 for £4,000. Gift relief is to be claimed on the disposal. Who needs to make the claim and what is the deadline for the claim? A. Adam and Bernard by 31 January 2018. B. Adam by 5 April 2017. C. Adam and Bernard by 5 April 2017. D. Adam by 31 January 2018. |