tax exam

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:26AM in AAT student discussion
Can anyone tell me if both capital gains were 70% chargeable?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    Hello

    I think I had 75% for the Shares and 70% for the painting? It could had been the other way around though!! :roll:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    I had the later shares at 100%, the earlier shares at 80% and the furniture at 70%
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    only disposed of 15000 shares and they all got allocated to the top lot of 20000? didnt they?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    Got the same as you TenbyJan for taper relief.

    Share get allocated by LIFO. Jun 03 then Dec 03.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    sorry I meant Dec 03 then Jun 03
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    I will get it right in a minute. I did mean Dec 98 then Jun 03.

    I think!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam
    tenbyjan wrote:
    I had the later shares at 100%, the earlier shares at 80% and the furniture at 70%
    I got these too. Although the only figure i used was 70% as I cancled the loss against all the shared and the remainder against the furniture.
    I am so glad their was not a pool question this time!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    Hi I had the same taper as you. What did you do with the payment on account?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    In section 1?
    The payment on account, £4000 I deducted from the net tax payable in task 1.3. I used 50% of my answer to 1.3 (before payment on account deduction) for task 1.4(b).
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    I used 50% of the total tax liability for task 4(b) (eleven thousand and something pounds) i.e. before deducting the £4000 payment on account, paye and interest tax already paid. Can't remember the exact figure but it was five thousand and something pounds.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam

    lukeyg
    I used the loss against all of the 100% tapered shares and the remainder against the 80% tapered shares. There was still some of the gain on 80% shares remaining though and all of the furniture gain.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:tax exam
    tenbyjan wrote:
    lukeyg
    I used the loss against all of the 100% tapered shares and the remainder against the 80% tapered shares. There was still some of the gain on 80% shares remaining though and all of the furniture gain.
    I must have gone wrong in calculating the untapered gain then!
    Oh well, as long as I did not have too many mistakes, you can only be marked down once for the error!

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