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i screwed up Q5.
I forgot the basic wear & tear allowance !!The paper all in all was OK, but felt a bit lengthy.
hopeful for a Pass!
Q1 and Q3 were lifesavers – masses of marks to be picked up here. Struggled for time on the other 2 which could be the difference between pass and fail. Relying on those professional marks now!
Definitely passable people….
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The first question was complicated!
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terrible paper ,this kind of paper is never easy to pass,there are thousands of topic in p6 that should be tested but examiner choses partnership,salute to his brain,..!
i did qs 3 and 4. i think qs 3 was okay…q4 vat partial exemption…ive no idea whether if that was correct or not.
i dont know how much i screwed up, but at least i know i got one mark in qs2 for not putting the annual exemption amount in lol- Topics: 0
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Exactly J,
Q1 and Q3 were life savers.
And I did these 2 first then 2nd and 5th.TIME TIME TIME !! Ughhhh !!
Time management is killer in these papers.
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I was looking at the marking scheme for the earlier exams,
MANY marks are available just for explaining what you calculated.
And a lot of 1/2 – 1 mark for just putting in the right numbers within a calculation.So yeah, expecting a Pass result.
It was a tough paper but at the same time not too bad, I started with Q3 and then did Q4, then Q2 and left Q1 till the end.
Q3 was really nice in inheritance part but not so nice on EiS except for the conditions, did anyone get a loss for the shares?
Q5 Vat Partial exemption was ok, De minimis tests, I worked out all 3 tests and the company didn’t satisfy the tests so couldn’t claim the VAT on exempt supplies, the second part about overseas establishment was good what was the last part about?
Q2 part a was a heaven, there was lot of mistakes made by the assistant, like disallowing an approved share scheme which is allowable and including annual exempt amount which you don’t, also using 5 months of losses when the sale was agreed after 3 months.
What the hell was that about close companies for 5 marks? If there was a loan in there I would understand but 5 marks? Part C on transfer pricing was good and annual accounting VAT scheme was ok.
Q1 man, I could of done better at it but was running out of time, don’t think I got much of the professional marks oh well, 1 mark for memorandum. Ethics part was ok, as well as confidentiality I talked about how we need expertise in the complex areas as we will be dealing with complex tax affairs. Part B Capital allowances I talked about balancing charge and allowance but as we wasn’t given tax written down values, wasn’t sure how to apply it to the scenario.
The part on CLT and trusts were good with 6% exit charge if assets are taken out of the trust and how gift relief applies.
14 mark question I messed it up a bit as I was running out of time but said she should disapply the incorporation relief as the gains qualified for entrapreneurs relief but didn’t have time to calculate base cost of shares.
Overall hoping for a pass, This is the only paper I got left and today was my 3rd sitting, only time I failed apart once on P7, This paper is a beast.
Good luck to everyone and happy Xmas let’s relax now.
I thought the paper was fair…. he could have tested more of the sylabus but instead he tested allot on ght and int.
I screwed up on 1 but the rest way okay i think. Q5 was a lifesaver hoping for most marks on that.
I didn’s seem as much written as the previous papers.
Can anyone esle remember what they put for mistakes on ct comp Q2?
I said that the AIA was not allowed for company’s so added that back
then i said that the loss relief from group was for 3 months not for 5.
i also stated that they had used 5 associates and it should have been 4 then reworked the upp and lower limit
then calculated loss and used marginal relief and said that they should not of used 24% to start with.
Expenses – I didnt allow the EIS share expense – thinking back i propably should have done
The overseas entertaining is allowed
The accrual for bonus – i disalowed it on the basis that i was 11 months after the year end when it was paid and said we would need more info as to what period it should relate to.Can anyone remember Q5 there was 10 marks for the tax saving then 3 marks for IF35 and 4 for PSC. What was the other 3 for?
I also calculated the upper and lower limits again and took marginal relief although it wasn’t much lol.
I always thought entertainment is disallowed? Also there wasn’t AIA was there
sorry yes ugras05 AE on the degrouping charge my brian is frazzled.
No it wasnt much at all must still worth a mark.
There wa allot of marks for small things that was really hard to get the marks for. Like gift with reservation 5 MARKS???? 4 at the most and then Close companies…. again 5 Marks.
Can you remeber how the marks were allocated.
I had a few crossings out on my paper and reworkings all over do you think it matters?
UK Entertainment is nott but overseas is.
Missed a few of these mistakes by the tax assistant, but yes recalculated the group as 4 companies and took marginal relief(which was very small – yes). The gift with reservation – Originally a PET, chargeable to death estate, could be removed if she pays full consideration. need another 2? Was the degrouping charge incorrect? – I put he should have added to the sales proceeds of the shares.
i didnt say anything about that one but you could be correct.
Yeah i think there is enough to talk about i said how it would be charged twice once as a pet and then again on her estate but i showed the rules for the working either included in death estate or not and then which ever would result in the highest.
Did you have a max EIS relief as £50000 and then stated that if the shares were sold there would be a charge of this amount then say if they were sold within 3 years there would be a charge to CGT on the shares sold also. if that makes sense
i think i have done rubbish on Q1 there was to much going on for my liking. i think i got max of 15 on that one including professional marks
J de grouping charge was correct but he didn’t add it to the sale proceeds but he should have so I added it.
Loubee your right there was loads of little marks, 5 for close companies was a joke, I done the gift with reservation like that too.
There wasn’t requirement for death estate on part a though right? Just the lifetime tax on shares, also Taper relief was available and her husbands nil rate can be used.
Totally skipped EIS calculation – but got the theory on reliefs being withdrawn if the shares were sold within 3 years – you sound about right.
The easy marks came from – 5 marks for ethics acting as tax advisers, nearly all of Q3, Situation around IR35 Personal companies 3 marks, treatment of transfer to a discretionary trust and a few others.
A few of you sound like youve done good – Lou, ugras, malcolm (Heres hoping)
Good luck people have a good xmas!
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Does anyone remember Q2’s loss of Eagle Ltd? What I did was I pro-rated the loss of Eagle Ltd to 5 months bcoz the other company M was disposed on 31st december therefore the consortium ended on that date So i took relieved the loss from aug to dec (5 months). Anyone else did the same? Or am i wrong?
Secondly in q3 the wife marina’s nol rate band was her own of 325000 and some was left from her husband too as he left 80000 to his daughter and son each and the rest to his wife Marina. The legacy to his wife was exempt and he had no CLTs or PETs during lifetime thus on his death his NRB was reduced by 160000 and the remaining was left for his wife to use. AM i correct with this?
And I got a loss on the disposal of the shares in Z plc so i simply wrote the idea that if there was a gain it would have been deferred via EIS relief bla bla.
Anyone there to back me up? lolNope no death estate but there was taper relief 40% i think if i can remember and i forgot about her husbands NRB.
Just calculated 1/4 up method and average bargain price for PET and got 1.86 i think it was.All the questions are getting muddled up. i cant remember what was what.
J good luck to you to mate and hope we all done well and finish this course.
Shah the assistant already time apportioned 5 months but we had to do 3 months ( I think) as the sale was agreed 1st November.
Your right about the husbands nil rate band as reduced by the cash gifts.
Loubee, yep taper relief at 40% another mark there lol and yeah loved the quarter up method.- Topics: 0
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I am talking about the consortium member company not the 75% loss group company. The consortium company was the one in which the holding was 20%
Cheers Ugras you too. Lou yes 1.86 from lower of average and quarter up method was right. And yes taper relief reduced by 4-5 years. I’m hoping they are generous with these professional marks.
For the foreign sale of components overseas – I mentioned DTR, registering for VAT in the overseas country, remitting income etc.
Between us we’ve got full marks!
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J was this sale to overseas co in the first qstn? I can recall this :s
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