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Catherine, had income from employment of 27,000 for the tax year 2022/23. On 31 May...

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Accounting

Catherine, had income from employment of 27,000 for the tax year 2022/23. On 31 May 2022 Catherine sold a weekend cottage for a price of 350,000 incurring selling costs of 3,500. The cottage had been bought on 06 January 2019 for a price of 140,000. Catherine incurred professional fees of 900 to buy the cottage. The cottage had not been used as Catherine's principal private residence or rented out. Required: Calculate Catherine's capital gain and capital gains tax liability for the tax year 2022/23.

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