多项选择题Sakura requires advice on the receipt of insurance proceeds, the sale of a painting in exchange for a boat and the implications of making an error when preparing his tax return. The following information has been obtained from a telephone conversation with Sakura. Sakura: - Is a higher rate taxpayer who is resident, ordinarily resident and domiciled in the UK. - Is finalising his tax return for the tax year 2011 12. - Has not previously made any gifts or disposals for the purposes of capital gains tax or inheritance tax other than those set out below. - Does not expect to make any gifts or disposals for the purposes of capital gains tax or inheritance tax in the tax years 2012 13 or 2013 14 other than those set out below. - Has received insurance proceeds of ￡67,000. - Intends to sell a painting to his son, Cashel, in exchange for a boat. The insurance proceeds of ￡67,000: - The insurance proceeds were paid to Sakura on 1 June 2012. - The insurance proceeds relate to the destruction of an antique china figurine on 1 March 2012. - Sakura paid ￡28,000 for the figurine on 1 April 2008. - The figurine had a market value of ￡80,000 on 1 March 2012. - Sakura intends to use the money to purchase a modern glass figurine for ￡59,000. Exchange of painting for boat: - Sakura intends to sell a painting with a market value of ￡48,000 to his son, Cashel. - The consideration for the sale will be a boat owned by Cashel that has a market value of ￡25,000. - The painting and the boat cost ￡22,000 and ￡37,000 respectively. Sakura’s tax return: - Sakura always prepares his tax returns in an honest manner. - However, he is aware that he could still make an honest mistake. Required (a) - Explain, with supporting calculations where necessary, the capital gains tax and inheritance tax implications for Sakura of the receipt of the insurance proceeds and the sale of the painting in exchange for the boat. - Advise Sakura of the actions he should take in relation to his plans in order to minimise his capital gains tax liability and point out any matter(s) that would need to be resolved with HM Revenue and Customs. Note: you should clearly identify the tax years relevant to the disposals and the due date of payment of any minimised capital gains tax liability. (b) State, with reasons, whether there will be any capital gains tax and or inheritance tax implications for Cashel from the disposal of the boat. (c) Explain the manner in which a penalty would be calculated if Sakura were to make an honest mistake when completing his tax return. You should assume that the tax rates and allowances of the tax year 2011 12 will continue to apply for the foreseeable future.
