CAT / FIA FTX Syllabus D. Capital Gains Tax - Capital gains in the exam - Notes 1 / 1
Capital gains tax in the exam
Tips for the exam
Below are a few tips for the exam!
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Make sure you identify any exempt disposals so that you do not waste time performing unnecessary calculations.
An unincorporated business is not treated as a separate entity for CGT purposes. Therefore, when a business is disposed of you should deal with each asset separately.
Do not forget to deduct the annual exempt amount if it is available.
When dealing with shares it is important to look carefully at the dates to see if same day or 30-day matching is applicable.
It is important to establish how much of a person’s basic rate tax band is available. Remember that a taxable income figure is after the personal allowance has been deducted.