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U forgot that IHT is payable on Donor’s worldwide assets if he is a UK domicile or UK deemed domicile holder, Scott was UK resident and UK domicile holder soo…
@EveOvo The most obvious lesson i learned from attempting this exam is that always attempt two Section B 25 marks questions first than in the end attempt Section A, i could have passed easily if i attempted last question 3 as everything in that question was from the area which i practiced a lot specially the way he asked pension but due to first question and overthinking on it, i lost too much time and i was only able to attempt Q1 and Q2 from Section B, question 3 of part B Un-attempted because the first freaking question wasted a lot of my time. Also the partnership area of syllabus got tested after such long time and the overseas double taxation relief question there wasn’t even a mention of tax rate in the overseas country, none of the past exams on ACCA practice platform even had practice questions for Partnership, not even for 1 mark.
The way he asked VAT was also really confusing, capital goods scheme part was okay but that partial exemption without Deminimis rule was full idiotic question, none of the examples or kit question ever asked something like that. Section A was a full time trap from the examiner while two Section B questions were much easier.@EveOvo1 Same thing happened to me as well lol, later after looking at delaying gift by 6 months question and saving achieved from it, i looked back and their were 2 lifetime gifts Scott made ? i didn’t take account of these gifts. The reason is maybe because he mentioned these lifetime gifts in the very end after both options, some student got confused that lifetime gifts were only for option 2 but these lifetime gifts were for both options as it was even of the past lol, Scott cannot consider that or make past an option but in exam time pressure won’t let u think these things thoroughly. Then i went back and corrected my calculations and brief explanations which wasted lot of my time
The exam was weird and hard, did soo much practice of Corporation tax but he didn’t even bother touching that area very much, first question was on IHT Scott father giving gifts to his Son, IHT calculations were required if sale proceeds were gifted cash to son or farmland to son on which APR was available. After that he asked Partnership question, i left that one as all the past exams i did on ACCA website, none of them had asked for Partnership and it was the only topic i left. Than he asked for UK tax on overseas income but nowhere i could find what was the tax rate in overseas country, very weird and different question.
Section B 2nd question was easy, loss relief explanations and Research and development qualifying expenditure question. Last was to calculate benefit on use and eventually gift of the computer.
At third question my time ran out and third question was also easy, could have passed the exam easily but ran out of time. Soo much practice all wasted. Guess next time i will attempt Section B questions first as Section A wastes a lot of time.I recommend Mirchawala for ATX, no need for books or Exam kits. He provides many questions and past exam questions related to topics in his notes, his lectures are very lengthy so make sure start 3 months in advance at least. Never touch Kaplan Book for ATX, utter waste of time and many topics are explained in such confusing manner that its impossible to cover the syllabus from the book.
@sonia94h Yes exam was quite unusual, making sense of some scenarios took a lot of time for me, i think the examiner wanted most students to fail and prepare for FA24 ATX syllabus because FA23 quite a lot of things were streamlined like those basis periods which are added again in FA24. I know i will be attempting it second time lol soo im going to start preparing in advance, no need to wait for the result. Some rates of CGT have changed in FA24 syllabus and Investors relief lifetime limits reduced, some changes to APR in IHT, lots of small changes in FA24 but the core concepts remain the same.
Well i guess at this point no specific guide is going to help. AA has become a my kryptonite. Suck that even after practising and reading soo much i still write generic stupid when giving recommendations in test of controls or doing substantive procedures
Dear sir thank you soo much, i have done soo many questions but was stuck at this little silly mistake, i rounded up the 40.5 days figure to 41.
And Yes my bad i mistyped the kaplan answer. Again thank you@Ambuj11 bro don’t give up the hope , next time you will pass with good marks , don’t fall into the trap of changing kits & don’t listen to the people who fail , one kit from either bpp or kaplan is enough for passing the paper , you don’t need both of them just to pass the paper. Just practice one kit only with good understanding & do the kit twice .
@iyamu it is not hard bro trust me just a little tricky , most people failing this paper don’t have the understanding of the syllabus
@pryanka are u using reddit or facebook , you can tell me your reddit user or fb user becoz writing email id here in forums is not allowed
Hi pryanka i would be glad to help you in PM & give you some tips , its a tricky paper with low passing rates but trust me it is not a hard paper because syllabus is not as huge as other papers in applied skills
I can give you some tips if you need any help ,i passed it in just 15 days , pm is tricky but not that hard because syllabus is not as huge as other papers , due to its tricky nature its passing percentage for september 2021 was only 37% as always low compared to other applied skills papers.
I passed with 53% , was totally convinced that i would fail but thanks to opentuition and the amazing teacher I passed it .
I have started studying for the next paper sir & I am very confident that I will pass this one because 90% of the MCQ’s were piece of cake for me to solve as i studied a lot & did the revision kit 2 times but this little issue is bothering me ever since the exam , the amount of exam pressure can sometimes trick us in little problems like these , so can u please clarify if my method was correct because i can’t find anywhere this type of question in the kit or other practice questions.
I had the same paper as u are telling , the capital allowances were tested in last corporation tax question if i remember correctly and there were 2 short life assets and one of them was sold was giving rise to capital allowance charge , section c last 10 marks question was really stupid and i can’t make sense out of it , i had done kit twice but still got stuck on that question . Lastly the VAT section b question was about a take over by another business as a going concern as far as i remember .
Don’t worry it happens to everyone and its a fact that under time pressure u can’t do workings precisely on a computer as compared to a paper , u have to show all ur workings in section C questions to gain marks that’s why they are just 40% , rest of the mcq’s working can all be done on paper provided because working are not necessary in MCQ’s , just practice the specimen exam given on the ACCA website and u will be familiar become familiar on how to approach these questions . Don’t try to read the question from exam kit and do it on computer because its very tedious process , in actual exam the question is on the same screen on which u have to provide answer so it becomes a little easier.