Personal Tax Practice Assessment 2 - task 11

JamieL123
JamieL123 Registered Posts: 2
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?

Answers

  • JamieL123
    JamieL123 Registered Posts: 2

  • skandwm15
    skandwm15 Registered Posts: 15
    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
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