BPP PRACTICE ASSESSMENT 3 Business Tax Task 11
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storres
Registered Posts: 9 New contributor 🐸
in Business Tax
I have been struggling with this task I am not sure how to get the right answer, can someone give me a hand please ?
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So the first thing to notice is that the AEA has already been deducted leaving them with a gain of £21,000.
Captial gains is charged at 2 rates, for lower 10% and for higher 20%. (Residential 18/28%)
Peter:
Other income of £11,300 this uses the basic band first.
BRB remaining: 37,500 - 11,300 = 26,200
All £21,000 falls into the BRB
Tax:
Lower = 21000 @ 10% = 2,100
Higher = 0
Richard:
Other income of £26,100.
BRB remaining: 37,500 - 26,100 = 11,400
Tax:
Lower = 11,400 @10% = 1,140
Higher = (21,000 - 11,400) @ 20% = 1,920
Gemma:
Other income of £66,800
BRB remaining = 0
Tax:
Lower = 0
Higher = 21,000 @ 20% = 4,200AAT Level 4, MAAT
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