PTC June 2010... how did you do?

Lou1234

I did it as the £26,000 less the sellers cost and I put the original cost as the value at the time it was given from the mother to the daughter (something like £15000 if I remember correctly).

pirate

Lou1234 wrote: »

I did it as the £26,000 less the sellers cost and I put the original cost as the value at the time it was given from the mother to the daughter (something like £15000 if I remember correctly).

Thats right
figures were £26000 at 3% auction fees
8500 when Mother bought it
market value at time daugher got it £15500 I think

I took market value on the basis thats when she aquired it, but some thoughts are for the value at purchase
c'est la vie hope the exam paper gets up there soon
and the anwers of course

mini_schnauzer

With connected people (mother and daughter) I read that sale proceeds are deemed to be at market value?

Unfortunately my Kaplan study text only devoted 1 page on this topic. Not a great deal of help.

In the exam I put the sale proceeds less auction fees and less Market Value of the necklace at the time it was sold.

*Jo

I put a note saying I was assuming Gift aid had been elected at the time of the gift and therefore the base cost was the market value at the date of the gift : about £8500???? I think.

Matt444

Even if you took the wrong cost figure would this just represent a carrying error when you calculate the capital gain liability? and the same for the property income that you take into the income tax computation?

AATmunkee

Did anyone have a "nil" capital gains tax??? some people are saying that the total came to 10,100 before deducting the annual exemption and i was no-where near that due to messing up the necklace calculation.

AATmunkee

oh and another thing.. lol Did anyone else part dispose the vase and also restrict it... i wrote underneath that i dont know of anyone in their right mind who would pay £4000 for 2 vases so assumed they were antique!!!!

*Jo

I did a part disposal on the vases but forgot to do the chattel 5/3 calculation.

Esme

AATmunkee wrote: »

oh and another thing.. lol Did anyone else part dispose the vase and also restrict it... i wrote underneath that i dont know of anyone in their right mind who would pay £4000 for 2 vases so assumed they were antique!!!!

Haha... she sold them for 10,000 and the remainding one was worth more, so I put a note saying I wasn't sure if these were wasting chattels but seeing as they had sold for so much after so many years they must be antique!!

jow774

Does anyone know if we can do CBE resit for Personal Tax before December? I heard a student saying her tutor had told her they could just before we took the exam?

jewels.p

I have just been looking at the Question Paper that is now up. I remember now what I did for the Necklace. I presumed that as it was bought and sold for above £6000 then it was the normal calculation of Proceeds less Cost. No restrictions. So I deducted the £8500 cost from the Proceeds of £24,700 (ie £26,000 less 5% Auction Fee) making a gain of £16200. This is the figure I used for my CGT calculation.

For the vase I did the part disposal calculation (Using the wrong figure for the vases. I read it as £4000 each not for the two). I didnt then do it as the 5/3 restriction that I should have. So that defo wrong.

The shares I had done the first two transactions then realised the shares were sold before the next ones were bought so had to score out my pool balance and do it again. I knew there was something different to do as the shares were sold within 30 days but couldnt remember what it was so left it as I had it.

I hated this whole paper! :mad:

taskey

so, who is going to have a go now that the paper is online, using their books to give us some answers i think we all desperatly need? lol

Tracy