question 2 - Section 2 PTC

System

Can someone please put me out of my misery?. Did I misread the Schedule A question? Was it a room rental or was it the whole bungalow for rent? I think I did that one completely wrong.

System

question 2 - Section 2 PTC

I took the whole rental, and so did my friend. Either we are all right or all wrong! Im sure it will be fine. Most other people seemed concerned about the shares or CGT liability

System

question 2 - Section 2 PTC

I cannot remember the wording of the question but took it to be the whole rental. <BR><BR>If it were just 1 room you would probably need to know the total number of rooms or the % rented out to work out the Schedule A. I cannot remember that information being in the question. Alternatively, if the owner was still living there and rented out a room isn't that kind of rental income (ie lodger) exempt below a certain figure? <BR><BR>If so there is either no info to calc Schedule A for a part rental or there would be no Schedule A if a lodger, without an income figure you could not calc the amount of CGT to pay as you need to know if the person is lower, basic or higher band.<BR><BR>Makes me think it was a whole property rental, I think most people have taken it this way

System

question 2 - Section 2 PTC

Many thanks, I feel better for that. Although I have just read another thread about the CGT and realised that I charged CGT at 20% instead of 10%. Oh well never mind. At least it's all over and we can enjoy Christmas<BR><BR>Thanks again

System

question 2 - Section 2 PTC

I did the CGT at 10% but my friend did it at 20% too. I think the fact that you didnt carry the loss over from the employment and that it wasnt calculated at 22% was probably more important. Im sure you will be OK. Happy xmas!