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Question 3a note 3
Tax rates
TX 2016 Tax Rates and Allowances
Jerome made the following gifts to family members during the tax year 2014–15:
(3) On 7 November 2014, Jerome made a gift of an antique bracelet valued at £12,200 to his granddaughter. The antique bracelet had been purchased on 1 September 2001 for £2,100.
Required:
(a) Calculate Jerome’s chargeable gains for the tax year 2014–15.
Note: You should ignore inheritance tax. (7 marks)