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Don, a resident of the UK has sold and gifted the following assets during the tax year 2020/21: a) 10 April 2020, Don sold his Residential house for 70,000, which he bought in 2012 for 8,000. At the time of sale, he paid 2% brokerage to the agent. At the time of purchase, Don incurred legal fees of 400 and in 2015, he spent 1,000 for adding one more room for the house. He paid 8,000 payment on account (advance tax) for the sale of residential property. b) On 20 May 2020, he sold a bunch of old coin collections for 7,200. He spent 5,000 for collecting these coins in 2018. c) 15 June 2020, he sold his vintage car for 25,000. He purchased this car in 2017 for 8,500. d) 5 August 2020 he sold a painting for 5,000 and incurred a selling expense of 10%. He purchased this painting for 8,500 in 2013. e) 10 October 2020, Don gifted 10,000 shares of an unquoted company to his son. On the date of the gift, the market value of the shares was 60,000. Don has purchased the shares on 20 April 2015 for 40,000. f) 18 November 2020, Don gifted his factory to his daughter. Don purchased this factory in 2008 for 20,000 and he rented 20% of the factory to the outsiders. The Market value of the factory at the time of the gift was 72,000. g) 25 December 2020, Don sold his warehouse for 80,000, the purchase price of the warehouse was 40,000. On 1 March 2021, he purchased another warehouse by paying 70,000. h) The brought forward capital loss is 27,000, which is still to be adjusted. You are required to: Calculate Capital Gain for each of the above sales for the tax year 2020/21 and calculate Capital Gain Tax by applying various deductions. Also, assume that his taxable income is 50,000. You are required to;

Calculate Capital Gain for each of the above sales for the tax year 2020/21 and calculate Capital Gain Tax by applying various deductions. Also, assume that his taxable income is 50,000.You are required to select the appropriate reliefs and justify the same, wherever applicable. Specify the due date for payment of tax.

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