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CGT AAT PTAX FA2016 SAMPLE ASSESSMENT 1
dalmatian
Just JoinedRegistered Posts: 37
Could somebody help me out on this one. How do you work out the answers? Had a go but am going wrong big time.
0
Comments
david wife 32000 40000 9300 78500
marie father 16450 20000 8300 50200
lou neighbour 42000 44000 20650 28000
Q1 the amount of cgt payable by David is £0
Q2 the amount of cgt payable by Marie is £xxx
Q3 the amount of cgt payable by Lou is £xxx
Sorry for the poor layout - but without the option of copy/pasting something like this this is the best i can do.
Any help would be grately appreciated.
Thanks,
they should read:
taxpayer, sold to, proceeds, market value, cost, other taxable income.
1) David has sold to his wife on a no loss no gain basis. Therefore answer is £0
2) Marie has sold to her Father, they are connected, so use market value. Thus -
[20000 - (cost) 8300] - (AEA) 11100 = 600. Marie is a HR taxpayer, therefore the gain is taxed at 20%, giving £120.
3) Now, Lou and her neighbour are unconnected, therefore use actual proceeds.
[42000 - (cost) 20650] - (AEA) 11100 = 10250. Now, Lou has £4000 left in her basic band so £4000 x 10% and [£10250 - £4000] x 20% gives a total of £1650.
I hope that is of some use to you.