PTC Revision

Jon_1984 Registered Posts: 186 🎆 🐘 🎆
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
    swampy19 Registered Posts: 10 Regular contributor ⭐ 😼 ⭐
    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%

  • jimmyt1988
    jimmyt1988 Registered Posts: 23 Dedicated contributor 🌟 🐵 🌟
    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.

  • umerali2003
    umerali2003 Registered Posts: 400
    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
    renae Registered Posts: 76 💫 🐯 💫
    Can you do a sample question on the 5/3 thingy???
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 Dedicated contributor 🌟 🐵 🌟
    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)

  • jimmyt1988
    jimmyt1988 Registered Posts: 23 Dedicated contributor 🌟 🐵 🌟
    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,
  • renae
    renae Registered Posts: 76 💫 🐯 💫
    Jamie, thats perfect...thanks :lol:
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