PTC Revision

Jon_1984

Ok everybody taking PTC tomorrow - Please just place one snippet of (correct) information in this thread as a reminder - it may well help others focus on grey areas:

Mine is that the company car/fuel scale charge is restricted to 35%.

swampy19

Wear and tear

!0% Wear and tear is only deductible from Furnished Property.

Remember to take rental income minus council tax and water rates (if paid by owner) before calculating 10%

Swampy19

jimmyt1988

Non-Wasting Chattels

Your three rules:

If gross proceeds and cost of chattel are less than £6,000 it is exempt from capital gains tax (CGT)

If gross proceeds are greater than £6,000 and the cost is < £6,000 then your gain is LIMITED to 5/3 (Gross Proceeds - £6,000)

If gross proceeds are less than £6,000 but the cost is greater than £6,000 then you deem the gross proceeds as £6,000

If any of that is wrong let me know, I'm doing it off the top of my head to test myself.

Jamie

umerali2003

FUEL
There is no time apportion on the fuel .......
E.g they fuel is available for the sept to nov .... jan to march
although dec is missing but still there will be no time apprtioning on that

renae

Can you do a sample question on the 5/3 thingy???

jimmyt1988

Company Cars

Company cars taxable liability is calculated using the LIST price, not its market value when bought.

Additional Percentages calculated by Cars Emissions Less 140 and divide by 5 (eg 194g/km = (194-140)/5 = 8.8 = 8%)

Taxable Liability On Company Car = List Price x (15% + Additional Percentage + 3% If Diesel)

(MAXIMUM capital contribution deductible from this is £5,000)

If company pays for private fuel costs it is calculated by:-

Base figure for petrol x your percentage again

(ANY Contribution to private petrol paid by company by the individual is ignored)

Jamie

jimmyt1988

Richard sells a painting for £8,000 in October 2008, he originally bought the painting for £3,500 in January 2004. Calculate his chargeable gain:

Gross Proceeds - £8,000
Cost - (£3,500)
Chargeable Gain - £4,500

Due to the rule coming into place we have to see if the gain is limited therefore

5/3 (8,000 - 6000) = £3,333

Therefore the chargeable gain is £3,333 not £4,500

Hope this helps,
Jamie

renae

Jamie, thats perfect...thanks