Chapter 13 Capital Gains Tax – Individuals – Reliefs TX-UK FA2023
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Please how come after the calculation of PRR in part 4 we did not take out AEA also to get the taxable gain?
The last two videos particularly areas like Gift relief , PRR, letting relief, etc (which are clearly more difficult than the previous sections in CGT) are rushed. My expectation is that these areas are given adequate time to enhance understanding. Very difficult to follow what the tutor is doing in the last two videos and quite frustrating I must say.
thanks for the vids btw the comment here of hating cgt bellow is great same here i thought i would like this but now im looking ways to die with it 🙂
Hi when you’re teaching kindly always show where you’re picking a number from. so difficult to follow
I thought I would like capital gains, but this chapter made me hate it :). need to work it again
Hi I am not able to ask the question (or i dont know how) on the forum.
Can someone please help me about why in part 1 (Anne) the taxable income was not taken in consideration?
Taxable income is used to determine the amount of unused basic rate band which would be the difference between the basic rate band of 37,700 and the Taxable income. However, since the capital gains for the antique painting was 100,000 it exceeded the basic rate band of 37,700 and therefore, the Taxable income is irrelevant. Automatically calculating capital gains tax for the antique painting at 20% because the capital gain fell into higher rate band. Hope this helps!
I’ve just realized we just can’t escape Tax?
MCQ 2: Isn’t the answer C. £45,000 which is the gift relief. B.£11500 is the chargeable gain.
I thought so as well