PTC CGT Tax Return Property & other assets
reddwarf
Registered Posts: 528 Epic contributor 🐘
In an practice exam an asset transferred between husband and wife, although exempt, was included in Box 29 and Box 30 of the form (disposal proceeds and allowable costs). Does anyone know if it's the same for chattels bought and sold for less than £6000?
thanks anyone
thanks anyone
0
Comments
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Thats a v good question, & if anyone out there is clever enough to know the answer can they please also help me with penalties & interest on late payments & returns. I have the Osborne book which doesn't seem to give much detail & have had peek at a mates BPP book which kept going on about requesting returns & prompted & unprompted disclosures & I was soooo confused. Is the one thing I can't seem to remember.
Cheers :@)0 -
My understanding is that exempt chattel's are not put on the return0
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Interest and penalties late return/payment
The HMRC site gives a good up to date breakdown. And November AAT mag gives a breakdown of penalites for mistakes.
Isabel0 -
I believe they come in year 2008/9. Maximum for resonable care mistake is 30%, Maximum for deliberate understatement /overcharge 70%, and maximum for deliberate understatement/overcharge 100%.
Above are the worse case charges but if you disclose before prompted by HMRC you can reduce these considerably even down to O% for an error made when taking reasonable care and disclosed voluntarily.
http://www.direct.gov.uk/en/Nl1/Newsroom/DG_0734700 -
Hi Byrnie,
I thought an asset disposed of between husband and wife was nil and not exempt as the proceeds are deemed to be same as cost. Did the return say nil or have a value in it?0 -
Hmm the answer paper says 'transfers between husband and wife as on a no gain/loss basis'
the cost was £15K and the 'deemed proceeds' £15K, when actual value of the than give to husband was £22500.
So it seems it is always nil, as cyfartha states...
but costs & proceeds go on the gct return
i suggest this is not covered well in osborne book!0
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