PTX - Practice Assesment 1 FA2013 error or is it me going mad?
liveprincess
Registered Posts: 214 Beyond epic contributor 🧙♂️
In task 1.14 where you need to fill in a tax return for CGT for 2013/14. The total gains are 13480 and losses brought forward from 2012/13 are £9460. In the model answers the box losses b/f and used for the year are £9460 but shouldn't this be reduced to 13480-10900=2580 and the balance c/f to later years?
Am I missing something here or is there an error?
Thanks
Am I missing something here or is there an error?
Thanks
0
Comments
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it's in the personal tax under 2010 syllabus. I would appreciate if somebody could let me know what you think? I am starting to panic a bit
Thanks0 -
See notes here on page CGN 11 re box 3 and CGN 12 re boxes 7 and 10: http://www.hmrc.gov.uk/worksheets/sa108-notes.pdf
I don't do personal tax comps so can't say for sure, but from reading the notes I would say you are correct (box 7 should only have enough loss to reduce gain to 10,900 and remainder should be carried forward in box 10).
It might be worth posting in the MIP forum for confirmation as many of them deal with personal tax regularly.0
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