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Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
What is the basis period for Felix's final tax year (2023/24)?
ACCA · Question 19 · Chargeable gains for individuals
Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
Upon retirement, Felix sold his share of a specialized maintenance boat (a partnership asset) to Zara. The boat was originally purchased for £50,000 and the market value of the whole boat at the date of Felix's retirement was £80,000.
What is Felix's chargeable gain on the disposal of his share of the boat?
Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
Upon retirement, Felix sold his share of a specialized maintenance boat (a partnership asset) to Zara. The boat was originally purchased for £50,000 and the market value of the whole boat at the date of Felix's retirement was £80,000.
What is Felix's chargeable gain on the disposal of his share of the boat?
Answer options:
£30,000
£12,000
£18,000
£15,000
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