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Question 5property
Patience was born on 31 December 1954. She retired on 31 December 2014, and on that date ceased employment and self-employment. The following information is available in respect of the tax year 2014–15:
Property
Patience owned two properties which were let out unfurnished until both properties were sold on 31 December 2014.
The following information is available in respect of the two properties:
| Property one | Property two | |
|---|---|---|
| £ | £ | |
| Rent received during the tax year 2014–15 | 3,600 | 7,200 |
| Sale proceeds on 31 December 2014 | 122,000 | 98,000 |
| Allowable revenue expenditure during the tax year 2014–15 | (4,700) | (2,600) |
| Purchase cost | (81,400) | (103,700) |
Required:
What are property business profits for the year?