ExpertACCA · Question 30 · The UK tax system and its administration
Section B: Case 3 - SteelForge Partners
Scenario: SteelForge Partners is a partnership manufacturing specialized alloys. On 1 May 2023, the partnership sold its old factory for £800,000, realizing a chargeable gain of £150,000. On 1 October 2023, they purchased a new factory for £700,000.
Question: If the partnership had instead sold a residential property (not qualifying for PPR) on 1 May 2023, by what date must the Capital Gains Tax on that residential property disposal be paid to HMRC?
Section B: Case 3 - SteelForge Partners
Scenario: SteelForge Partners is a partnership manufacturing specialized alloys. On 1 May 2023, the partnership sold its old factory for £800,000, realizing a chargeable gain of £150,000. On 1 October 2023, they purchased a new factory for £700,000.
Question: If the partnership had instead sold a residential property (not qualifying for PPR) on 1 May 2023, by what date must the Capital Gains Tax on that residential property disposal be paid to HMRC?
Answer options:
31 January 2025
Within 30 days of the completion of the disposal.
Within 60 days of the completion of the disposal.
9 months and 1 day after the end of the accounting period.
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