In his will Mr K, who died on 1 February 1983, left the film rights in a novel to his daughter Miss L, and the rest of the copyright to his son Mr M. the respective probate values were £50,000 and £35,000.

1 January 1987 Miss L acquired the rest of the copyright from Mr M for £60,000. This was a transaction between connected persons, and Shares and Assets Valuation, see CG68300, advised that the value was £80,000.

1 January 1992 Miss L sold the (entire) copyright for £200,000. The copyright is a wasting asset as it will cease to exist on 31 December 2033.

Mr M's computation is

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