Personal Tax Practice Assessment 2 - task 11

JamieL123

Struggling to find the capital gains tax payable figure on this question. Mark scheme says its £1156, but I get 8030*0.2 = £1606? Anyone know where i've gone wrong?

JamieL123

skandwm15

Hi, you need to calculate the amount based on her tax band.
She earns £45,500, the limit is £50,000, the total amount to calculate from is £8,030. Which makes it:
£4,500 @ 10% = £450
£3,530 @ 20% = £706
Total = £1,156