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@marky123 said:
@blackcode
I couldnt understand why we had to ignore Annual Allowances on IHT question and frantically had to adjust my answer at the end as I had included them.
Any suggestions or are ACCA just playing with our minds??So it was blessing in disguise for me..feeling the pressure of running out of time (IHT q was my last one) .I forgot to deduct annual allowance of 6000 and also used 325000 NRB on his death in 2015.
also last part of q5 on IHT. if anyone remember that q says
1-NRB is same for 2015 i.e 325000 (the year he died)
2- dont use AE (6000)?in q.1 old chap pension income was non saving?if it wasnt non saving what was it and how to tax it..i considered it non saving and tax at 20% and adjusted PAA coz his pension income( which i considered it was non saving) and gross interest income was above 22900.
also the guy whos employed in q1…was it some info saying his EMPLOYER PAYS ON HIS BEHALF…i did not deduct it from his employment income at all. i dont know i did right or wrong, scenario didnt say that pension is DEDUCTED . i just gave reason for not deducting it that whatever employer pays on employee behalf duznt have any effect on income tax computation but it will count towards his Annual pension contribution.paper was quite easy. i attempted 70 marks only n still hoping to pass:).i wasnt good at time management i guess otherwise could have attempted 100 marks. did anyone get 3 gains equal to zero (including PPR relief)? also capital allowance in q.2 was equal to 3600? how do we treat pension income for income tax purpose? we consider it as non saving income or saving? and person getting pension income does he pay any NIC?