Practice Assessment 1 - Task 11
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Javison4
Registered Posts: 3
Hi,
Just wondering if there has been a mistake made between Practice Assessment 1 - Task 11 for Personal Tax and the marking scheme.
Question: Assets sold, nothing to do with property in 18/19:
Donna, sold her asset with a market value of £23k, for £19k to her brother. It cost her £7,500. Her other taxable income is £32k.
Calculate the amount of Capital Gains Tax payable by Donna.
The marking scheme has the answer £510. how?
Is the correct answer not: 23k-7.5k = £15,500 - £11,700 = £3.8k * 0.1 = £380.00?
regards
figured this out now... because the gain takes her into the next band.....
Just wondering if there has been a mistake made between Practice Assessment 1 - Task 11 for Personal Tax and the marking scheme.
Question: Assets sold, nothing to do with property in 18/19:
Donna, sold her asset with a market value of £23k, for £19k to her brother. It cost her £7,500. Her other taxable income is £32k.
Calculate the amount of Capital Gains Tax payable by Donna.
The marking scheme has the answer £510. how?
Is the correct answer not: 23k-7.5k = £15,500 - £11,700 = £3.8k * 0.1 = £380.00?
regards
figured this out now... because the gain takes her into the next band.....
0
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