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| Paul Opus Paul Opus disposed of the following assets during the tax year 2012–13: (1) On 10 April 2012 Paul sold 5,000 £1 ordinary shares in Symphony Ltd, an unquoted trading company, for £23,600. He had originally purchased 40,000 shares in the company on 23 June 2004 for £110,400. (2) On 15 June 2012 Paul made a gift of his entire shareholding of 10,000 £1 ordinary shares in Concerto plc to his daughter. On that date the shares were quoted on the Stock Exchange at £5.10–£5.18, with recorded bargains of £5.00, £5.15 and £5.22. Paul’s shareholding had been purchased on 29 April 1992 for £14,000. The shareholding is less than 1% of Concerto plc’s issued share capital, and Paul has never been employed by Concerto plc. The indexation factor from April 1992 to April 1998 is 0.170, and from April 1992 to June 2012 it is 0.297. (3) On 9 August 2012 Paul sold a motor car for £16,400. The motor car had been purchased on 21 January 2003 for £12,800. (4) On 4 October 2012 Paul sold an antique vase for £8,400. The antique vase had been purchased on 19 January 2012 for 4,150. (5) On 31 December 2012 Paul sold a house for £220,000. The house had been purchased on 1 April 2000 for £114,700. Paul occupied the house as his main residence from the date of purchase until 30 June 2003. The house was then unoccupied until it was sold on 31 December 2012. (6) On 16 February 2013 Paul sold three acres of land for £285,000. He had originally purchased four acres of land on 17 July 2005 for £220,000. The market value of the unsold acre of land as at 16 February 2013 was £90,000. The land has never been used for business purposes. (7) On 5 March 2013 Paul sold a freehold holiday cottage for £125,000. The cottage had originally been purchased on 28 July 2005 for £101,600 by Paul’s wife. She transferred the cottage to Paul on 16 November 2012 when it was valued at £114,800. The cottage is not a business asset for taper relief purposes. Paul’s taxable income for the tax year 2012–13 is £15,800. Required: Compute Paul’s capital gains tax liability for the tax year 2012–13, and advise him by when this should be paid. |