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CGT and Loan interest

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › CGT and Loan interest

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by JillyB.
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  • May 7, 2024 at 12:30 am #705030
    ilham9089
    Participant
    • Topics: 301
    • Replies: 190
    • ☆☆☆

    In question 96 of the BPP kit, loan interest taken out to finance the purchase of a residential property is not deducted from the sale proceeds in calculating CGT. It says it’s a revenue expense that’s why it’s not deducted but in this case shouldn’t it be a capital expense?

    May 8, 2024 at 2:54 pm #705105
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    I think it’s becasue it’s residential property and not trading propety

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