Ta/ac

My client purchased 10,000 shares in a developing hi-tech company on 1 September 1999. The cost of the shares amounted to £10,000. On 24 May 2000, my client disposed of the entire shareholding, with net proceeds amounting to £90,000. On the strength of that particular transaction, a capital gain of £80,000 arose and, with neither indexation nor taper relief available, the entire gain is taxable at the rate of 40 per cent with a corresponding liability falling due on 31 January 2002.