Personal Tax (PLTX) FA2018 - Practice assessment 2 - Task 1.11

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Merav
Merav Registered Posts: 4
Hello,

Can someone help me work out Task 1.11 of the Practice CBT 2 question (FA 2018) of Personal Tax (AQ 2016)?

Question:
Thomas has the following capital gains and losses in the last few years. He wishes to relieve his losses at the earliest opportunity.

2016/17
Annual exempt amount: £11,100
Capital gains: £26,500
Capital losses: £15,700
2017/18
Annual exempt amount: £11,300
Capital gains: £31,800
Capital losses: £46,500
2018/19
Annual exempt amount: £11,700
Capital gains: £46,300
Capital losses: 27,500

The amount that Thomas will have to pay capital gains tax on in 2018/19 is £
The amount of losses (if any) Thomas can carry forward to the 2019/20 tax year is £

The answers are:
£0 and £7,600

Comments

  • Merav
    Merav Registered Posts: 4
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    Thanks a lot. Your explanation makes perfect sense.
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