[试题]

(b) Donald actually decided to operate as a sole trader. The first year’s results of his business were not as he had

hoped, and he made a trading loss of £8,000 in the year to 31 March 2007. However, trading is now improving,

and Donald has sufficient orders to ensure that the business will make profits of at least £30,000 in the year to

31 March 2008.

In order to raise funds to support his business over the last 15 months, Donald has sold a painting which was

given to him on the death of his grandmother in January 1998. The probate value of the painting was £3,200,

and Donald sold it for £8,084 (after deduction of 6% commission costs) in November 2006.

H.e also sold other assets in the year of assessment 2006/07, realising further chargeable gains of £8,775 (after

indexation of £249 and taper relief of £975).

Required:(i) Calculate the chargeable gain on the disposal of the painting in November 2006. (4 marks)

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