Tx notes fa22 Final

June 2023 to March 2024 exams
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24. Claude 
Claude 2022/23 - Capital Gains Tax: 
Claude is a higher rate taxpayer and hence all the taxable gains are taxed at 20%. The CGT will be 
due for payment on 31 January 2024.
25. Cheryl 
(W1)
Basic rate band remaining:
£37,700 + (£1,600 
×
100/80) = £39,700 – £31,000 = £8,500
£
Capital Gain
31,000
Capital Gain
24,000
Capital Loss
(7,000)
Net Capital gains arising in 2022/23
48,000
Less: AEA
(12,300)
35,700
Less: Capital losses b/f
(10,000)
Taxable Gains
25,700
Capital Gains Tax payable £25,700 
×
20%
£5,140
£
Chargeable Gain
40,300
Less: AEA
(12,300)
Taxable gains
28,000
Capital Gains Tax (W1)
£4,750
Due
31/1/2024
£
8,700 
×
10% =
870
19,300 
×
20% =
3,860
28,000
4,730

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June 2023 to March 2024 exams
Watch free ACCA TX lectures
26. Shamus 
As all proceeds have been used in restoring the asset, and a claim has been made to deduct the 
proceeds from the cost on a future disposal, there is no gain arising in January 2023.
Base cost of restoration property when sold:
If no claim was made – the receipt of the proceeds would be a part disposal in January 2023.
On subsequent sale of the restored asset:
Original cost
124,000
Restoration cost
60,000
Less Insurance Proceeds
(50,000)
Base cost
134,000
£
Proceeds
50,000
(29,524)
Gain
20,476
Original cost (124,000 – 29,524)= 
94,476
Oct 2021
Restoration=
60,000
Feb 2023
Base cost
154,476

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