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Thank you, I feel like it may be close and was unable to answer a big chunk of the paper due to it.
Do you know what additional support can be requested for chronic illnesses? I was unsure on what could be accommodated. I am one to just get on with things but I did notice a difference in my performance compared to before I got a chronic illness.
For me it is remembering a huge amount of rules/conditions and time management of the exam due to fatigue/brain fog.
Thanks
I remember that being the case too. I’m sure the 3 companies it owned were all UK resident too.
Pak – I went with consortium as the question was on losses and as it was only 60% owned it didn’t form part of a 75% loss or gains group so then only other group I know that can relieve losses to each other is a consortium.
I only learnt the CFC rules as to what one was and the CFC charge calculation and exemptions. I didn’t read anything about losses of a CFC company.
The paper wasn’t too bad, least I understood the majority of questions compared to previous papers. Problem for me was time management as I missed a bit chunk out of at least 20%. I got stumped on calculations but should pick up a lot of marks for explanations. I think it will be close.
Question 2 was my strongest – it was R&D relief, tax treatment of intangible asset, TTP calc, relief of the loss and how much could be given to Porth, Overseas purchase of services and then election to exempt overseas profits and advantages and disadvantages.
Can anyone remember Q4, part a. I know it was FHL and pensions.
With regards to the deferred tax asset I wrote that due to a change in business strategy, I.e rather than buying properties they were now going to construct them, the utilised tax losses should not be offset against future profits per the jurisdiction.
Not a bad exam although agree with others it was time pressured, I answered about 90%.
Q1
Business risks were more difficult to pick out this time round, I wrote about importing issues, new brand name, expansion of business/GC, duplicated payroll records could be a risk of fraud.Q2
Found this a lot harder and ran out of time, didn’t do part b.Q3
Risk of Fraud in auditing revenue – wrote about responsibilities and risk assessment.Cash transfer – wrote about money laundering
Provision – it should be recognised
Q4
A nice question on ethics, followed identifying the threat, its significance and any safeguards so hoping to score well.
Yes q1 i did sufficient ties test and said Jodie wasn’t resident.
There were some easy marks re the tax advisors, SDLT and de minimum tests if you’d learnt them.
Thought the paper was ok, although didn’t have much exam practice to compare to previous papers. Just made sure I learnt the vast majority of topics so I could answer most parts. Can’t remember doing a Q on IHT though which I’m surprised at.
Hutchy1978 – was it referring to the annual adjustment. That’s what I wrote about although it took a while to come up with that due to the wording!