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Have had so many attempts people wouldn’t believe. But perseverance and more effort, changing of methods finally led me to pass. Got 56
@tonim said:
Yeah I’d not done any question practice on it. The gain on the painting I deducted from the “base cost” of the shares. I got confused with VTC’s and stated 5 years instead of 3 for clawback, realised as soon as I walked out.I found this exam hard because normally where I would comment on something during question practice the examiner had already said “don’t consider it” so I was struggling for things to say.
In all honesty I don’t think I’ve passed, I’m not feeling very confident at all but I attempted every question and I seem to have said the same kind of thing you guys have so we can hope!
This was the most annoying part of the exam. I was reading the question and I realised a relief only for the next sentence to tell me either the person already considered that relief and/or don’t consider that relief! It was quite annoying in that sense.
For the residency I just looked at the tax table and considered those residency tests. I also remembered one important tip that as long as your principles and conclusion are right, you don’t need your calculations to be correct. So that helped a lot.
The FHL was a GWR but she only lived rent free for 2 months so that was a bit confusing but I added it to her death estate anyway as her son said he doesn’t know why he had to pay tax on her gift ?????
People saying consortia in Q2 for Ryb Ltd. Wasn’t it CFC? Permanent Establishments and exemptions pointed towards that
Q1 Residency rules I didn’t study much otherwise that was an easy 9 mark question
Q3 and Q4 were reasonably easy. Especially Q4. IHT and PPC and adjustment of PA due to PPC. PPC was 85000 so I used this year’s Annual Allowance and last year’s of 40k so total 80k not 85k. Annual Allowance Charge for the balance of 5k
Too time pressured. Could not even finish off the Memorandum wasting an easy 1 mark
@nickseaw said:
Remittance basis wasn’t available for her?
She was deemed domiciled in uk as have stayed in uk since 1999 until 2017?You’re right. 15 of the last 20 years. Deemed domicile so remittance only if she remits her income and is more than £2000 otherwise if she remits it
Rollover relief in terms of patent to Durn was very confusing. 6.5 marks portion of Q1 was also very confusing
The capital rationing 1B was only 5 marks. Every single comment is about that :O
My NPV was -71. It was obviously going to be negative, it gave a huge hint in the question and in the requirements.
Question 2C, analyse liability and asset position. What a stupid question to ask for 8 marks. The only change was going to be in year too when the COS decreased to 60%.
Regearing was around 1.08 something.
Overall quite good. Hope to pass!
