PTC 7 Dec 2007

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  • Andrewh26
    Andrewh26 Registered Posts: 69 Regular contributor ⭐
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    why retaking with only 1 thing wrong?
  • roy ramphul
    roy ramphul Registered Posts: 38 Regular contributor ⭐
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    In the first section of PTC questions on Benefits in kind, regarding the car benefit I Used 14000 instead of 21000.

    In section 2 regarding the painting from the Uncle I calculated as a gain. Apparently I was told that the Gain is exempt

    The calculations regarding the gain on the House is probably wrong.

    Would I fail the exam because of these errors in the exam.
  • ally29
    ally29 Registered Posts: 26 Regular contributor ⭐
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    roy ramphul wrote: »
    In section 2 regarding the painting from the Uncle I calculated as a gain. Apparently I was told that the Gain is exempt

    Why is the painting gain exempt?
  • roy ramphul
    roy ramphul Registered Posts: 38 Regular contributor ⭐
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    Because it was given to his family and therefore there is no gain arising but In the exam I treated it has a gain because an uncle is a relative.
  • ally29
    ally29 Registered Posts: 26 Regular contributor ⭐
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    Confused now - there's no gain when it is given to his family as it is inherited on death - but surely there's a gain when he sells it???
  • roy ramphul
    roy ramphul Registered Posts: 38 Regular contributor ⭐
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    That is what I thought and having looked at the question I think you are correct. But I am sure my tutor said that the gain is exempt.
  • roy ramphul
    roy ramphul Registered Posts: 38 Regular contributor ⭐
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    Having looked at the question, I think you are correct, but I am sure my tutor said that the Gain was exempt.
  • immense
    immense Registered Posts: 97 Regular contributor ⭐
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    ally29 wrote: »
    Confused now - there's no gain when it is given to his family as it is inherited on death - but surely there's a gain when he sells it???

    I agree with this from what I understand - there is a gain when it is sold!!

    I am not worrying now as when everyone has different answers you start to worry - possibly for no reason!! The best thing we can all do is wait until February and see what happens!! I couldn't even remember the answers I put when I got home, let alone now!! :001_tongue: I am keeping my fingers crossed that we have all done well and passed!! :001_smile:
  • bryan100
    bryan100 Registered Posts: 23 New contributor 🐸
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    There is a gain when the painting is sold. If the deemed acquisition cost had been lower than 6000 and/or the proceeds were less than 6000, then the various chattel exemptions would have come into play but, in this case, there is a normally calculated gain

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