Personal Tax

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I've been studying all day and still don't feel i've learnt anything!! :( Section 1 of the past papers i seem to be ok, but section 2, i just can't remember the layouts!! :shock:

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax

    Try to stay calm - it does appear daunting at the moment, but it will come good in the end. Just keep practising and you will be able to do the questions in your sleep.
    Best wishes
    Eva :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Personal Tax

    Birdle

    I presume you are talking about Capital Gain Tax

    In general, the computation goes like this

    Sales Proceed (add on any selling cost e.g. legal fees)

    less cost when bought (add on any buying cost e.g. legal fees)

    equal unindexed gain (UIG)

    Indexation (if good is bought before April 1998) and it does worsen or make a loss

    = Indexeted gain

    less current year losses from other sales
    less losses bought forward from previous year

    = Gain before taper relief

    Taper Relief

    = Gain after taper relief

    less the £8,500 Capital Gain allowance.

    If you have multiple asset, each asset need it own column and I advise to have a total column at the end.

    I hope this helps

    Westcastle



Categories

Privacy Policy