ACCA TX ^UK Syllabus C. Chargable Gains For Individuals - Allowable expenditure on a part disposal - Past Papers ^{4 / 5}

Jerome made the following gifts to family members during the tax year 2014–15:

(4) On 29 January 2015, Jerome made a gift of nine acres of land valued at £78,400 to his brother. He had originally purchased ten acres of land on 3 November 2005 for £37,800. The market value of the unsold acres of land as at 29 January 2015 was £33,600. The land has never been used for business purposes.

Required:
(a) Calculate Jerome’s chargeable gains for the tax year 2014–15.
Note: You should ignore inheritance tax. (7 marks)