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see what i understood from capital gain grp is that suppose – actually this a qtn from kaplan kit where i made a mistake so im using the same example.
cedar lts had trading loss of 19700 nd cgt of 111996. timber ltd is the 100% parent of cedar ltd which has trading loss of 20800 and 8800.what i did was now for cedar bcoz the trading loss assessment is nil the taxable total profit becomes 111996. as its a grp timber can surrender its trading loss right so i set off that. but i thought that the capital loss of 8800 cannot be transfered just ike trading loss bcoz this isnt notional transfer of asset( like no asset being sold with a loss by timber nd election made to treat a that asset having being sold by cedar ) . but in solution theyve set off that 8800 also.
one more thing the qtn also mentioned that we shld assume all claims nd elections r made. so shld we assume that they made a notional asset transfer election?
but is this transfer just like how we grp relieve the trading losses or shld an election be made ? like on study hub theres this thing called notional intra grp transfer of assets for which an election shld be made.. is this notional trasnfer nd normal capital loss surrendering 2 different things?
i am really sorry for the huge amount of qtns i’m asking u coz i know its really burdensome to answer so many and im really grateful for ur help coz im doing self study and hv no one to approach to clarify my doubts.
this qtn is actually from study hub practise qtns, see as per the rules of annual nd cash acctng scheme, there shld be no offence made vat returns or payments. so i chose the ans as both option 1 nd 3 r correct, but study hub says only option one is correct.
A company needs to be up to date with its VAT payments, and with its VAT returns, however there is not a retrospective test. this is the justification theyve given for y statemnt 3 is not correct.
im still confused as to y option 3 is not correct
so inherited spouse transfer is included. but a transfer to spouse made is excluded?
another confusion in iht i hv, in death estate when a spouse transfers to their partner , we treat that as exempt, but when it comes to calculating death estate of that same receving partner y dont we deduct the inherited estate from spouse? like shldnt it be 2 way deduction?
also for the above qtn i mentioned instaed if the property of 970k is transfred to his children before death is any cgt payable? if so how and y? like im not understandng y will cgt arise if a gift is made
this is another iht qtn.
Kendra owns the following assets:A property valued at £970,000. The property is no longer occupied by Kendra, but would qualify for the residence nil rate band. If it were disposed of during the tax year 2024-25 the disposal would result in a chargeable gain of £174,000. Kendra has made other disposals in the year utilising the annual exempt amount.
Building society deposits of £443,000.
A life assurance policy on her own life. The policy has an open market value of £210,000, and proceeds of £225,000 will be received following Kendra’s death.
None of the above valuations are expected to change in the near future. The cost of Kendra’s funeral will be £14,000.Under the terms of her will, Kendra has left her entire estate to her children.
The nil rate band of Kendra’s husband was fully utilised when he died ten years ago.
The nil rate band for the tax years 2009–10 onwards is £325,000.
the qtn is how much is chargeable estate
i deducted 175k for rnrb as it said t qualifies . but in the solution they havent . y so. also here they mentioned husband’s nrb is utilised , then does that indicate that his rnrb is still left so we can use is rnrb?
well the ans were just matching individual amts agaisnt the sets . my doubt here is y is man residence 375? like y r we not deducting the 175k rnrb?
another qtn of vat, when the supplier is supplying is zero rated goods, shld he issue an invoice? like the rate charged is still 0% right, so shld we issue?
another doubt is for impairment relief we check 6 months from invoice date or payment due date when both r given in qtn?
another qtn of grp relief. for grp rollover relief claim, when shld it be made? for a normal comp it is within 4 yrs from end of acctng period in which assets r sold nd replaced(whichver is later) right. is it the same for grp rollover relief too?
but for the grp claim 75% is necessary right. how is leaving the claim possible?
to claim input vat on purchases is it compulsory that it shld be evidenced by invoice? if no invoice then no claim ?
coming to isa it is included in death estate calculation. what abt any funds invested in pension funds
so u mean suppose i hv a flat and a bunglow and few other chattels. i gave my flat to my sis nd my bunglow to my child, with some other chattels also being transfereed to my child, so here except for flat, the remianing estate of mine is going to my child, my child sufferes tax on whole estate including the flat?
so sisters brothers or any relatives do not come under residual legatee? residual legatee means only children?
how do we know which ones r tax free? like in this example the qtn did not state holdiay home is tax free right
a qtn from kaplan exam kit. i did not understand the answer theyve given so im asking u
qtn- yui started trading on 1 arpil 2024 nd registered for vat from 1 jan 2025. her first vat return is for quarter ended 31 march 2025. during period 1 april 2024 to 31 march 2025, yui incurred input vat of 110 per month in respect of hire of office equipemnt. how much vat can yui reclaim on her vat return for the quarter ended 31 march 2025.
this is a qtn from kaplan exam kit
.melvin died on 6 march 2025 leaving an estate worth 2000000. his estate included a holiday home in uk worth 400000 which e left to his sister. he left the rest of his estate to his daughter nd appointed a frnd to act as executor. who suffers iht here nd who pays iht?hi im appearing for march attempt. how was ur dec paper? r the qtns just like in kapln exam kit? or more difficult?
another qtn, suppose deacesed person has estate that also consists of insurance policy with market value of 100000 but only payabel 60000 to executors, do we charge iht on this?
also if the proceeds from poicly were payable ,to a particularly named person, would the proceeds then also be subject to iht charge?
