PTC Paper

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Can anyone tell me if you had to apportion the TV and loan as it was only part of the year. I did this and noticed that most hadn't. <BR>I messed up the disposal of the shares but may get a few points for the work up until Apr 1998. I also failed to mention marginal relief on the 2nd painting. Whats the chance of me passing?? <BR>Thanks in advance

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Paper

    As far as I remember, the TV was bought in 2003 so it would have been a full year's benefit. The loan was apportioned for nine months (I think) so I ended up with a benefit of £300.<BR><BR>There is no marginal relief for individuals - that only applies to companies and is on corporation tax. The only relief applying was annual exemption of £8,200. The second painting came under the restricted gain rule of 5/3 (Proceeds - Gain) but this gave a higher figure than using the £6,500 calculated using the original figures so it didn't need to be used.<BR><BR>With the shares - I added the rights issue to the balance of the share pool without indexation but I sat and thought about this for ages not quite sure what was right!<BR><BR>The other thing I did was assume the £50 contribution to the car was a capital contribution not a revenue contribution as he paid all the running costs, but I think the question was a little ambiguous there.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Paper

    <BR>I apportioned the car usage - one car was available for 7 months, the other 5 months. In examples in FTC books, there was apportionment like the one in the PTC exam, so naturally, I felt we had to do the apportionment of availability.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Paper

    I apportioned the cars and the loan, but not the tv! I think that was right.<BR>One thing I have thought about though since reading other peoples answers was the question re the 3 flats.<BR>I thought that the £1,000 per month was for each flat, so got a Schedule A income of £10,800, which I then took 40% for income tax.<BR><BR>I'm hoping that even if i got the amount wrong the theory behind it is correct. Anyone else do what i did??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Paper

    Hi<BR><BR>Apparently what you did for the flats are correct.<BR>I did it wrong as I calculated it for 1 flat !!!<BR>Well nobody is perfect<BR><BR>Fiz
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Paper

    Hi all, <BR><BR>I have just downloaded the PTC paper - sat it 2 weeks ago - can't beliveve the paper's available already!!! I did a full year for the TV cos as previously mentioned it was bought in 03. I think i apportioned the loan - can't honestly remember!! I know I used the restricted gain calculation for the second painting - but didn't need to use the figure calculated as the original figure was lower. I had a nightmare with the shares - closed the pool before the rights issue. Then when I had finished the paper I looked back through it and realised u were supposed to leave a balance of shares to carry forward so re-did the whole lot... hope it was ok 2nd time round... good luck for results everyone.<BR>Laura<BR>xx

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