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Yeah good point painting could be considered a trade as there quite a few disposable but to be honest due to loads of information provided and less time i was rushing and still could complete 90% exam. Not easy to write about everything.
You are right mark, transfer value via related party transactions
200 shares were transferred and share price was 28£ before and after transfer i think.
£5000 cash will have been deducted from AE
Losses maximum savings as per calculation was offsetting against future year profit £80000. But matters to consider with client was
Timing of relief, uncertainty of future profit, cash flow etc
Re remitted gain, i was running out of time and put the gain with employment income of i think 16000 under arising basis not sure if that was correct.
Opal was not resident in the year asked in teh exam under automatic ties test. However I thought opal was “He” lol
I sat in morning time- only one questions commoms are q3 (remittances and domicile) and q4 (liquidation) when was the second acconting period ends? When the trading ceases and winding up completed?
Part 1 35 marks
PET calculation (related party transfer) 6 Marks
Trading losses unincorporated business
19 marksVAT (annual accounting, registration date and claiming vat before registration) 8 Marks
Part 1 25 Marks
Redundancy package and premium accommodation taxable benefits- 6 marks
EIS scheme 9 marks
Ethics- becoming tax advisor 5 marks
Can’t remember the rest for this part
Part 2
Mainly residency status and effect on inheritance tax by becoming UK domicile and tax implications 20 marks (3 sub questions)
Liquidation (accounting periods and CGT)
10 marksCessation losses 10 marks
