Personal Tax exam question
lifeisstrange
Registered Posts: 27 Epic contributor 🐘
Hi everyone,
I sat personal tax today and I would like to have your opinion about one capital gain tax question:
Gain for 2011/2012: £17000
Loss for 2011/2012: £3000
Loss brought forward 2010/2011: £1500
What is the chargeable gain for 2011/2012?
Do we have to include the exemption or is it the chargeable gain before exemption?
Thank in advantage for your replies.
I sat personal tax today and I would like to have your opinion about one capital gain tax question:
Gain for 2011/2012: £17000
Loss for 2011/2012: £3000
Loss brought forward 2010/2011: £1500
What is the chargeable gain for 2011/2012?
Do we have to include the exemption or is it the chargeable gain before exemption?
Thank in advantage for your replies.
0
Comments
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I think it is £1,900 but has been a while since I studied the tax papers.
The way the question is worded in your post I would deduct the AE before saying what the chargeable gain is.
Be great to hear what you and others think the answer is.~ An investment in knowledge always pays the best interest ~Benjamin Franklin0 -
lifeisstrange wrote: »Hi everyone,
I sat personal tax today and I would like to have your opinion about one capital gain tax question:
Gain for 2011/2012: £17000
Loss for 2011/2012: £3000
Loss brought forward 2010/2011: £1500
What is the chargeable gain for 2011/2012?
Do we have to include the exemption or is it the chargeable gain before exemption?
Thank in advantage for your replies.
Chargeable gain = 17,000 - 3,000 - 1,500 = £12,500
Taxable gain = 12,500 - 10,600 = £1,900
Therefore the answer to your question is £12,5000 -
I think it is £1,900 but has been a while since I studied the tax papers.
The way the question is worded in your post I would deduct the AE before saying what the chargeable gain is.
Be great to hear what you and others think the answer is.
I think you have calculated taxable gain here (the question asked for chargeable gain).0 -
Thanks Reader
That is why you're studying ATT and I'm not~ An investment in knowledge always pays the best interest ~Benjamin Franklin0
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