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I wouldn’t worry about it guys there are no right or wrong answers in this paper eg if everyone done bcg then the markers will take that into account it’s all relative as long as you got 85 percent of the paper done or so you should be ok. It’s one mark for each relevant point remember
I think for the gift of the house you had to talk about Raymer not living in the house and maybe the potential for PPR if his adult son did,
It was not a CFC even though I included the chargeable gain in the calc which after reading the notes i realised i shouldnt have.
negligible value claim talked about on the CGT, and also gift off the shares take the loss now and then on death can use losses to carry back 3 years on a LIFO basis,
With the AIA i had divided it by 2 for the six months but forgot to mention it had to be split by number of associates but hopefully will still get the marks as it depends on marginal tax rates i would of thought? WDA therefore also on this purchase
IHT charity legacy from 60,000 to 78,000? of the 1m to get 36% tax
Chargeable gain of 40,000 left from the rollover as these where proceeds not reinvested,
Trading losses wasted change of ownership change of trade.Capital goods scheme on premises for 400k but not the machinery as this is not covered by the scheme. Purchase price greater than 250k spread over 10 years
Pre registration input vat 4 years and 6 months for services i mentioned for business expenditure
All in all alot of tax planning in the paper but not too bad my Q1 was a bit shabby but hopefully the others will carry me through
Also did anyone do anything with the loss in the corp tax I assumed change if trade and ownership
I totally forgot to set off the loss vs chargeable gains and carried it back hopefully there will still be some marks there. It was a decent paper but it was deceiving as there was a lot of potential trip ups hopefully I’ve done enough for the pass. Some of the theory questions where give away marks
Neil is really good
To get through this paper you need a lecture like Neil who will build on you application of tax to the real world and give you a good revision plan
100 percent apr is given on the agricultural value of the farm if it is tenanted farm if and owned At least 7 years which I assume is the case in this question. The farm must still be owned by the donnee for apr to still be available at time of donors death. the farm must be based in the European economic area
First you need to establish whether the company is subject to MR this is based on the number of associated companies in the relevant cap if the augmented profits(ttp plus franked investment income including income received from overseas grossed up by any overseas tax) fall between the lower limits and higher limits then you should tax total taxable profits at the main rate and use the marginal relief formula to make a deduction to the tax. Overseas subsidaries will form part of the associates if under control by the parent or under common control of the same individual.Profits falling in this marginal level are taxed at 23.75 percent as a effective rate which is something to consider if the company is part of a group and is surrendering or receiving losses from group members
am i right in saying mr gordon was in this exam aswell ,so in one question basically nearly the whole forumla sheet was tested plus more lol
Someone really upset this examiner off been this time round, as this exam had elements of p7 p5 and f5 all in one exam, plus there was no standard deviation so i just used any figure.
There was decision trees in that Q1 aswell I think, theres a good chance I will be doing this paper in June, if you had studied P5 with this paper you may probably would of done ok.
How much marks do you get for workings because thats going to be the deciding factor here?