Help!!!! - PTC Exam Tomorrow

System
System Posts: 100,537 🤖 Admin 🤖
edited 10:26AM in Student community
On the June 2005 past PTC paper - when calculating the taper relief on Painting No 2, I calculate the number of years owned since April 1998 as 6, giving an 80% relief, yet the answer is 4 years at 90%.
Can someone please tell me what I am missing - it's guaranteed to come up in the exam tomorrow!! And good luck to all out there who are sitting the exam tomorrow!!

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help!!!! - PTC Exam Tomorrow

    the rule is after 1998 you calc taper relief. the relief is calculated as how many years held before sale. bought august 2000 & sold in march 2005. therefor 4 years april to april.

    That is how i work it out anyway.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help!!!! - PTC Exam Tomorrow

    Thanks for the reply - It just dawned on me when I looked at it again that he only bought it in 2000. I think it was a case of looking at it too hard!! Let's hope it's not a mistake I make tomorrow.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help!!!! - PTC Exam Tomorrow

    The old saying goes "if you did not make mistakes you would not learn!!!"

    Best of luck
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Help!!!! - PTC Exam Tomorrow

    I'm pretty good at miscounting the years of taper relief too. Still, if that's the only thing I get wrong tomorrow I won't be too unhappy.

    Chris

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