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| Nim and Mae Lom Nim and Mae Lom are a married couple. They disposed of the following assets during the tax year 2008–09: Nim Lom (1) On 20 May 2008 Nim made a gift of 10,000 £1 ordinary shares in Kapook plc to his daughter. On that date the shares were quoted on the Stock Exchange at £3·70–£3·90, with recorded bargains of £3·60, £3·75 and £3·80. Nim has made the following purchases of shares in Kapook plc: 19 February 20008,000 shares for £16,200 6 June 20056,000 shares for £14,600 24 May 2008 2,000 shares for £5,800 Nim’s total shareholding was less than 5% of Kapook plc, and so holdover relief is not available. (2) On 13 June 2008 Nim transferred his entire shareholding of 5,000 £1 ordinary shares in Jooba Ltd, anunquoted company, to his wife, Mae. On that date the shares were valued at £28,200. Nim’s shareholding had been purchased on 11 January 2006 for 16,000. (3) On 26 November 2008 Nim sold an antique table for £8,700. The antique table had been purchased on 16 May 2005 for £5,200. (4) On 2 April 2009 Nim sold UK Government securities (Gilts) for £12,400. The securities had been purchased on18 August 2007 for £10,100. Mae Lom (1) On 28 August 2008 Mae sold 2,000 of the 5,000 £1 ordinary shares in Jooba Ltd that had been transferred to her from Nim (see (2) above). The sale proceeds were £30,400. Entrepreneurs’ relief is not available in respect of this disposal. (2) On 30 September 2008 Mae sold a house for £186,000. The house had been purchased on 1 October 1998 for £122,000. Throughout the period of ownership the house was occupied by Nim and Mae as their main residence, but one of the house’s eight rooms was always used exclusively for business purposes by Mae. Entrepreneurs’relief is not available in respect of this disposal. (3) On 30 November 2008 Mae sold a business that she had run as a sole trader since 1 December 2000. The sale resulted in the following capital gains:  The assets were all owned for more than one year prior to the date of disposal. The investment property has always been rented out. Mae claimed entrepreneurs’ relief in respect of this disposal. (4) On 31 March 2009 Mae sold a copyright for £9,600. The copyright had been purchased on 1 April 2004 for £10,000 when it had an unexpired life of 20 years. Other information Nim does not have any taxable income for the tax year 2008–09. He has unused capital losses of £16,700 brought forward from the tax year 2007–08. Mae has taxable income of £50,000 for the tax year 2008–09. She has unused capital losses of £8,500 brought forward from the tax year 2007–08. Required: Compute Nim and Mae Lom’s respective capital gains tax liabilities, if any, for the tax year 2008-09. In each case, the amount of unused capital losses carried forward to future tax years, if any, should be clearly identified. |