Personal tax - your thoughts?

beaneygirl

A-Vic wrote: »

i also missed putting the 31st jan and relised just as i walked out of the room, they hid that well in a question

I did the same. Saw it in the question but was so busy doing the first part asked that I only remembered about that when I was safely back in my car! Shouldn't think it would carry many points though.

tay-tay

does someone know if you miss some part of the question for eg question 1 a,b,c,d and yo do not write nothing for D how the will mark that,or aat will cross all of it?

A-Vic

tay-tay wrote: »

does someone know if you miss some part of the question for eg question 1 a,b,c,d and yo do not write nothing for D how the will mark that,or aat will cross all of it?

its positive marking ive been told you get marks in the question and the wrong answer can be carried forward

Statter

Jointy wrote: »

For the part disposal i did the following

it was purchased in 1998 for 300k

in 2003 disposed of 20 acres

300k x 180K/ = £125,581
(180k+250k)

In 2009 disposed of 30 acres therefore

Proceeds - £350,000
Cost - £300,000 - £125,581 = £174,419
Gain £175,581

Disagree with this. I believe the £250,000 value was thrown in the question to try to confuse us.

At the end of the day, the land (50 acres) cost him £300,000 in 1998 and disposed of 20 acres in February 2003 (proceeds=£180,000, cost =£120,000) so gain in 2002/2003 was £60,000.

Remaining land (30 acres) cost him £180,000 in 1998 (actual price paid) and disposed of 30 acres in March 2009 (proceeds=£350,000, cost=£180,000).

Therefore total gain on the 30 acres in 2008/2009 was £170,000.

No need to consider the £250,000 value in 2003 at all!

One thing that threw me though was that the question asked "Calculate the chargeable gain or loss, if any, made on the disposal of the land"

There was no mention for the gain in 2008/09 only so wasn't sure whether to include the £170,000 gain plus the £60,000 gain so I stated that a gain of £60,000 was made in 2002/2003 and a gain of £170,000 was made in 2008/09.

Statter

A couple of things bugged me about the questions on the paper:

Task 2.3 Calculate the net taxable income from property for 2008/09:

Not clear whether the 6% agent's commission was for rents due for occupancy or actual rents received!

Task 2.1 (d) Calculate the chargeable gain or loss, if any, made on the diposal of the table:

Not clear whether 2% auctioneer's commission was on topof the £15,000 price or included within it!

I have a bad habit of reading into the question too much I believe but still these questions could have been worded a bit clearer imo!

Anyone notice on top of page 9 and 19:

"This page is for the continuation of your email. You many not need all of it"

You many not need all of it lol

C2XVT

What was the answer for question 1.1

Was it around £11k or more like £1k (or neither?)