Capital Loss Assignment

Lisa’s taxable income for 2019/20 (after the personal tax allowance) was £45,000. In 2018/19 she made the following disposals.

  1. On 1 June 2019 she sold an antique vase for £5,400. Selling costs were £220. She had bought the vase in March 2007 for £4,500.
  2. On 10 January 2020 she sold her entire holding of 300 shares in DEFG plc for £5,400. All the shares were acquired in December 2015 for £46,800.
  3. On 21 January 2020 she sold a painting for £7,350. She had acquired it for £4,500 in September 2009.
  4. On 25 January 2020 she sold an antique clock for £20,000. She had bought it for £2,500 in June 2006, and in June 2007 had spent £6,000 restoring it.
  5. On 1 February 2020 she sold a house in Bangor for £154,000. She had bought house on 1 June 1996 for £35,000. She occupied the house as her principal private residence (PPR) until 1 May 1998 when she left to work in London, living in rented accommodation. She returned to the house in Bangor on1 November 1999 and stayed until 1 July 2002, when she left to work in Canada, again living in rented accommodation. She returned to Bangor on 1 February 2005 and stayed until 1 June 2016 when she bought a house in London and made this her PPR.


  1. Calculate the capital loss arising on each of the above 5 disposals, showing all workings. Use this to calculate Lisa’s liability to CGT for 2019/20.
  2. Explain what is meant by a chattel and give an example of a chattel.
  3. Explain what is meant by a wasting chattel and give an example of a wasting chattel. Get Finance homework help today
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