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First time and somehow an 80% pass
That’s me finally done!! GL to all still waiting on results!
Yeah I agree really tough! I nearly did the same until I check when they went from 14-8 but again if it’s for 4/5 marks? You should get 1/2 for conditions anyway you’d think!
Think there was also an SSE question in 1?
Didn’t have it as their shareholding dropped below 10% more than 6 years ago if I remember rightly
Trying to remember the mark splits but escaping me
Ahhhhh damn! I thought it had to be 5 or under shareholding’s so I got to 48%!!! I then waffled about having control of the boardroom and decision making to prove control so may get a mark or two ahha
Hoping for stuff like forgetting DGC it costs me like 1 mark from 5 but very hard to tell!! Like your VAT miss is 1 mark tops anyway!!
A lot of questions on small revision areas in my opinion!
Sorry the last question was CT filing!!! That’s a typo on my behalf!!
I didn’t work out Martha’s gain on the gift of the house as the question told you her saving I believe.
I think annual accounting scheme isn’t available for groups – only cash accounting and that’s apportioned.
There would be a DGC which would be added on to the consideration – probably should have mentioned it – think this makes the CGT base cost the MV at the time of gift. Think you’ve got something I missed there for sure!
For close companies did I read a percentage wrong? Was his and other 5 directors 5% then his dad 23? As should be control between 5 right – so Dorian plus 4 others?
Might have been my maths!! I added him and his dad together and got 28% then I thought all the other shareholders had 5%?
More likely I’ve misread it! But obv based on the above I got 48% between 5!
Also sure you’ve done fine – hopefully you qualified!!
If all the above is correct then I should be fine but I question a lot of it!!!!!
This if from memory so correct me if any of this is wrong!! I got: (some of this probably is wrong!!)
Q1) sale of land and buildings – group losses:
– building 1 couldn’t use lose as PECL
– building 2 can’t use as in group NGNL transferBase cost of building 3:
– received in NGNL in old group so will be original costThis loss can be transferred but only 9/12 as time in the gain group wasn’t full year
SDLT – payable on NGNL on building 3 as they left the group within 3 years
VAT on buildings – only if opt to tax (wasn’t) or commercial building under 3 years old – only applied to building 3
Ethics – ok to use prior knowledge? I put yes as provides competence as long as it doesn’t breach confidentiality or create a conflict of interest? Get consent off both parties for acting for two in the same industry?
Q2) income tax savings on gifts
– dividend income for one opposed to the other On gift of shares
– rental income if house gifted – I thought DTR must be on UK tax due to the amount she received?? This might have been a bad guess!!! HahaER v GR – ER doesn’t defer but charges 10%, while GR defers gain to recipient but could be 10/20% depending on their banding at the time –
CGT for gift of house I believe – gain = MV – Cost + capital expenditure – no GR as not QA so change CT at time I think
IHT question – I definitely got the NRB on gift incorrect as looked at transfers from 7 years from death not the gift date but outside that:
AEA CY and PY
NRB at death 0 if gift made
Fall in value relief for house
No taper relief as died within 3 yearsQ3) trading loss – can be used CY or PY or CY claim v gains
Do a working for all three above – I split rental income between years using cash basis but incorrectly said PY had to be after CY – hoping it doesn’t cost me too much!
CGT on warehouses – CGT/IT implications – I went for ROR but only for 75% as business use so deferred some of the gain
Forklift cannot be used for ROR but will have capital allowances so IT implication is a deduction of full value due to AIA – again could be wrong!!
Group VAT – not sure on when but same rules for filing so no extension and annual accounting not available
Q4) I had a shocker on this one!
Why a close group – 5 participators must have control – I got 5 to not come to 50%? So went on about control not only being shareholding
Someone help as this one is annoying me!!!!
Loan – date change changes when company gets tax paid on loan back and when loan becomes dividend income for individual? Taxed as HR on 32.5% due to banding
Two options – taxable benefits become dividends, parking exempt, mileage allowance doesn’t cover all fuel costs – I missed the interest free bit being a benefit!
VAT filing – I got the penalties wrong I think after the 100 fixed penalty but filing date was 3 months after notice
Please feel feee to correct me and throw additional information in – just trying to see how this lines up to others!! I am not happy with how I did and would not be shocked to be doing this exam again come December! Hope you all fared better than me!!
The other question with the income tax liability question was the revision of the tax adjusted trading profits one wasn’t it?
I got two of these – think this one was for a company and included buying 2 second hand cars?
If so was it the one that included the golf club – I made no adjustment for it as it states it was before deductions had been made – not sure if anyone else got this one?
