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Chapter 11 Capital Gains Tax – Individuals TX-UK FA2023

VIVA

Reader Interactions

Comments

  1. raiyanr21 says

    January 29, 2025 at 5:37 pm

    LOL the Lord of the rings reference in Example 7 Gollum and Frodo haha

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    • SHull says

      March 28, 2025 at 6:46 pm

      Gollum and Frodo are civil partners…. plot twist!

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  2. camilton says

    January 2, 2025 at 2:43 pm

    MCQ 2 Right Answers as per notes are A and D. I hope C is false.

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  3. Dead0k says

    July 15, 2024 at 8:02 pm

    Order of deduction: Annual Exempt Amount (6000 GBP), then Loss from This Year, Loss from Previous Years carried forward

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    • natalia.williams says

      October 7, 2024 at 12:16 pm

      Based on the notes and Example 6, order of deduction is: Current capital loss in the tax year, annual exempt amount and then the capital loss brought forward.

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  4. zmogor says

    May 16, 2024 at 8:09 pm

    MCQ2 solution is wrong, and the explanation makes it even more confusing. Right answers are A & D.

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  5. homohlola says

    May 1, 2024 at 8:41 pm

    Hello, thanks for the detailed explanation. However, please
    can you explain why part 5 MCQ 2 option C is wrong. I thought we’re to deduct the current year loss from current year gain before deducting the AEA

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    • homohlola says

      May 1, 2024 at 8:46 pm

      Okay, i get it now. i misinterpreted the question.

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      • Ladycheryl says

        July 30, 2024 at 5:39 pm

        Please can you explain?
        I don’t get it

      • natalia.williams says

        October 7, 2024 at 12:19 pm

        Current year capital losses are offset against current year capital gains which equals net capital gains then the Annual Exempt Amount is deducted to equal Taxable Gains

    • jonelynnavarro says

      May 2, 2024 at 11:05 pm

      Hi! I also have doubt on this MCQ2, my answer is A and D because B is obviously wrong because of “against current year income” and C is also wrong, we need to deduct the current year loss from current year gain before deducting AEA(as you also said). That’s why I had to check the answers in the Notes and the answer there is A&D. Hope this help

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  6. 1accountant says

    April 15, 2024 at 3:42 pm

    In part 2 you had the computation for gift aid payment as pension. Is the computation the same of the two the same and this was an error in writing or are the computed differently in that you must find the gross for pension payments and use the figure given for the gift aid payment? Can you clarify please. Thank you in advance

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    • Beezelaberf says

      April 27, 2024 at 9:59 pm

      I think it might be an error in writing, it should be gross gift aid payment. The confusion might have occurred as both gross personal pension payments and gross gift aid payments extend the rate bands

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    • natalia.williams says

      October 7, 2024 at 12:21 pm

      Once the question states made gift aid payment it is assumed that this is the net figure and the gross figure should be calculated to be used in the computation i.e., net figure x 100/80. Otherwise the question will state when it is a gross figure.

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