Ptc - dreading it!!!

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playboybunny_110
playboybunny_110 Registered Posts: 10 New contributor 🐸
in AAT Level 4 (Level 8 in Scotland)
Is anyone else really really dreading the PTC exam tomorrow
had my PCR today and that was awful as i have spent all my time revising tax but now i semm to have forgotten absolutely EVERYTHING to do with capital gains and i dont know what to do about it now!! ArggghhH!! :crying:

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  • King of the Mountains
    King of the Mountains Registered Posts: 66 Regular contributor ⭐
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    I did PCR today, it was awful. I feel sorry for you, they mess with the words. Good luck, try and keep cool because I think thats the key to AAT! Always in hindsight one looks at the questions and the calculations are actually quite simple. Best of luck!
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    Go on then throw some answers at me:

    A wasting chattle is defined as ?

    you buy a non wasting chattle for 8000 and sell it for 4000. the loss is restricted to?

    you buy a non wasting for chattle for 4000 and sell for 12500. the gain is restricted to what/what x what?

    conditions for a furnished holiday let are?

    wear and tear allowance is what % of what?
  • renae
    renae Registered Posts: 76 Regular contributor ⭐
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    I CAN ANSWER ONE......10% wear & tear off of furnished propertys....that being rental less rates x 10% for w&t??????
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    renae wrote: »
    I CAN ANSWER ONE......10% wear & tear off of furnished propertys....that being rental less rates x 10% for w&t??????

    Correct:thumbup1:
  • swampy19
    swampy19 Registered Posts: 10 New contributor 🐸
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    Wasting chattel is summat with a life expectancy of less than 50 years eg dog or horse.

    Swampy






    lol Renae!! 10% ............ lol
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    A wasting chattel is defined as something that has a life span of less than 50 years?
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    swampy19 wrote: »
    Wasting chattel is summat with a life expectancy of less than 50 years eg dog or horse.

    Swampy






    lol Renae!! 10% ............ lol

    :thumbup1:
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    First limited to 3333 second to 10833?
  • ambitious
    ambitious Banned User Posts: 93 Regular contributor ⭐
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    Jon_1984 wrote: »
    Go on then throw some answers at me:

    A wasting chattle is defined as ?

    you buy a non wasting chattle for 8000 and sell it for 4000. the loss is restricted to?

    you buy a non wasting for chattle for 4000 and sell for 12500. the gain is restricted to what/what x what?

    conditions for a furnished holiday let are?

    wear and tear allowance is what % of what?

    Wasting chattle = Movable Item < 50 yrs of age e.g yaucht

    2nd one

    Deemed proceeds 6000
    Cost 8000
    loss is 2000

    3rd one

    Proceeds 12500
    cost 4000
    so "supposed" gain is 8500

    But Gain is restricted to 5/3(12500-6000) = 10833

    So gain is 8500.
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    haha i misread the second one as the other way round, embarrassing :blushing:
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    jimmyt1988 wrote: »
    First limited to 3333 second to 10833?

    :thumbup1:

    not sure where playboybunny_110 got too?
  • swampy19
    swampy19 Registered Posts: 10 New contributor 🐸
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    conditions for a furnished holiday let are?

    can only remember not to exceed 155 days

    Better read up on this one


    Swampy
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    Probably to be sensible and get some sleep, got a good half hour or so before I stop revising I think. Being on here boosted my confidence a bit thought. Finding I know a bit more than I originally thought which is good.
  • swampy19
    swampy19 Registered Posts: 10 New contributor 🐸
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    Good luck!! :thumbup1:


    Swampy
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    got me reading about holiday lettings now, doesn't make too much sense to me, I'll hope that one doesn't come up lol
  • ambitious
    ambitious Banned User Posts: 93 Regular contributor ⭐
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    Apr 99 You buy #(shares) = 10 @ £1.50 per share

    Apr 00 You get rights Issue: 1 for 10 @ £2 special price for the whole 10 of them

    Apr 01 You sell every share for £30

    Whats your gain ?

    Answer:

    Group Rights Issue with Purchase(s) made before the rights issue first:

    #Shares----Value
    10
    £15
    10
    £2
    20
    £17

    Now Match:


    Proceeds 20 shares @ £30
    Cost 20 shares @ £17
    Gain is £13.
  • troy
    troy Registered Posts: 275 Dedicated contributor 🦉
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    holiday homes

    Hi,
    I felt fairly confident about the PCT exam in the morning, but now i have not thought about holiday homes at all! Can any one give me one or two simple but important things i may need to remember? :huh:
    Good luck to all that is taking the exam
    x
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    I've just read up on this, from what i can understand:

    Availability Condition - Must be available for 140 days

    Letting Condition - Must be let for 70 days

    Occupation Condition - Must not be occupied for more than 155 days by the same occupant

    Correct me if I'm wrong guys, i'm not 100% on this myself

    Jamie
  • troy
    troy Registered Posts: 275 Dedicated contributor 🦉
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    Thank you. I didn't really feel like reading the text book much more.
    My pre exam routine?.....bath with candles (very girlie), one small (read medium/large) glass of wine, and now idiot t.v until bout half ten. LOL
  • swampy19
    swampy19 Registered Posts: 10 New contributor 🐸
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    Only knew about the 155 days and even though I have re-read about it am still no more clearer !!

    Not gonna beat myself about it!! :001_unsure:

    Swampy
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    Think i'm going to retire to something like idiot tv now, need to chill out before sleeping, don't want to overcook it. I Can't fill my head with any more junk now, it just can't take it, it's either good or bad from here on.

    Good luck to everyone involved, hope to hear feedback from you all afterwards, even if its a simple good :thumbup1: or bad :thumbdown: comment.

    Cheers guys :thumbup:,
    Jamie
  • playboybunny_110
    playboybunny_110 Registered Posts: 10 New contributor 🐸
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    thanku for the testing!! i used it and then roped my brother into testing me on all my revision notes!! feeling a tiny bit better now just gotta try remember it till the morning lol
    Hope everyone does ok tomorrow and let me know how you get on guys
    Good Luck!!
    xx

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