PTC

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hello

Anyone who is sitting the PTC on Friday or has already done it please help!

Can you please advise how you know which item to alocate losses brought forward from previous years when working out Capital Gains tax?

Example on Dec '05 exam losses brought forward where allocated to the painting but not the shares.

Also if anyone has any tips on this exam they would be greatly received!

cheers

Comments

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

    You offset losses against the gains which would have the worst taper relief. For example, if an antique painting was bought 2 years ago or less, it would be subject to 100% CGT, so you would want to reduce the amount that would be taxed at 100% by offsetting your loss against it. If that didn't completely offset the loss, you would carry it on to the next gain, at say 80% and so on.

    Does that help?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC

    I thought that might be the case but couldn't find it in black and white anywhere.

    That is most helpful

    Cheers

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