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Penn Ltd purchased a freehold office building in 2005 for £480,000. Two of the three floors have always been occupied by the company for the purposes of its trade. The other floor was let. Penn Ltd sold the building in May 2012 for £1,200,000, and realised a gain of £646,560. In April 2012, the company had purchased a new building for £720,000 which it occupies entirely for the purposes of its trade. What is the maximum amount of gain which can be rolled over? A. £351,040 B. £646,560 C. £431,040 D. £166,560 |