Hi all ,
A question regarding CGT. If a trust was holding 20k in capital losses ie shares sold at a loss ,and then sold a property for a total profit after expenses of 50k that has been held for over a year ,which would be the right sums for income distribution.
A. Taxable CG on property - 50k x 50% = 25k
minus holding losses of 20k
distribute 5k
B Capital gain on property- 50k
minus holding losses of 20k
total Capital gain 30k
Capital gain 30k x 50%= 15k
distribute 15k
I would expect (A) but would like confirmation,thanks in advance
Regards Bushy
A question regarding CGT. If a trust was holding 20k in capital losses ie shares sold at a loss ,and then sold a property for a total profit after expenses of 50k that has been held for over a year ,which would be the right sums for income distribution.
A. Taxable CG on property - 50k x 50% = 25k
minus holding losses of 20k
distribute 5k
B Capital gain on property- 50k
minus holding losses of 20k
total Capital gain 30k
Capital gain 30k x 50%= 15k
distribute 15k
I would expect (A) but would like confirmation,thanks in advance
Regards Bushy