Cate’s husband, Ravi, requires advice in relation to capital gains tax on the disposal of an overseas asset.

Ravi:
– Is domiciled in the country of Goland.
– Has been resident in the UK since his marriage to Cate in February 2007.
– Has UK taxable income of £125,000 in the tax year 2014/15.
– Realises chargeable gains each year from disposals of UK assets equal to the capital gains tax annual exempt amount.
– Sold an investment property in Goland in February 2025 for £130,000, realising a chargeable gain of £70,000.
None of the proceeds from the sale of this property have been remitted to the UK.

Required:
(c) Advise Ravi on the options available to him for calculating his UK capital gains tax liability for the tax year 2014/15. Provide supporting calculations of the tax payable by him in each case. (6 marks)