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6 Cards in this Set
- Front
- Back
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Two main rates of capital gains tax? |
Standard rate 10% (except for gains on residential property when the rate is 18%)
Higher rate 20% (except for gains on residential property when the rate is 28% )
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Chattels and wasting assets? |
If a chattel bought and sold for less than £6000 it is not subject to CGt (exempt)
Wasting assets - estimates remaining useful life of <50 years
Wasting chattels are exempt from CGT unless subject to capital allowances |
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What's a chattel ? |
Tangible moveable property e.g vases and paintings |
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Part disposals - Attributable cost calculated as ? |
Total original cost * A/(A+B)
Where A = value ofnpart sold at time of sale (proceeds)
B =market value of remainder at time of sale |
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PPR Relief |
Gain * (period of occupation/period of ownership) |
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Principal private residence relief layout |
Proceeds Less cost Gain Less PPR relief Chargeable gain |
