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right you are. for consortium the company needs to own less than 75%. not equal to or less than, but less than. so it wasn’t a consortium. and there goes another few marks. this forum is damaging to my health right now :/ i am down to 81/100 right now from all the mistakes i think i’ve definitely made. so that leaves me 30 marks for mistakes i am in the dark about. i think this paper’s going to be a tight squeeze if i pass. just gonna pray now 😀
All in all it was a strange exam.
In Q1, I think I did okay enough but I’m not sure. I got different IT liabilities for the two different types of disposals but the same CGT liability for both which is worrying me because that’s weird. But I structured it well enough so hopefully I’ll get some marks there. In the first disposal scenario the basis period was the cessation period and the year before the cessation period and I relieved the 6000 equipment bought against AIA and I’m not sure whether I should have done that or not.
b) of the question wasn’t too bad. Before 2015, BPR applied, afterwards, it didn’t but taper relief came into play.
Q2. I completely missed out on the SSE exemption even though I knew the rules full well! I did manage to latch on to the consortium bit but then I missed out on the 17% for the 6 months and 5% for the next 6 months. For the newly acquired subsidiary my profit was 31200 or 32100 or something. I think it was acquired on Dec 1.
Since I missed out on the SSE, part b sucked. Didn’t attempt it. Didn’t even spend time on it which was a good thing cause as it turned out I was really short on time.
Part c) was easy enough. Ethics blah blah and some procedure.
Attempted Q3 and Q5.
Q3 a) It qualified for the scheme but the genius that I am I laid down the conditions, stated that the conditions were being satisfied and then said it was not qualifying for the scheme. shoot me.
The rest of the Q3 wasn’t too bad.
Q5. Can anyone tell me if there was some trick to the roll over on the machine or was it straight forward? Cause I have a feeling that there was something to it that I missed.
last part was the beneficial interest thing. It’s a taxable benefit for the employee but what about the company? I deducted it from interest income 😀
Before I went through the posts, I had lost 12.5 marks. but now with the SSE thing that I missed and the 17% and then 5%, I think I may have lost some more.
Just hope I get 50. I’ve already failed this once at 49 :/
Is this topic still live? I had a question regarding PPR. What happens to the annual exemption allowance?
the central theme for p6 (tip btw) is if u forget a law or a rule, do whatever makes the tax liability greater 😀
has worked for me so far wherever I forget a rule.
@lindacarson said:
failed 49% is it worthwhile getting an administrative review?No, it’s not. In my last attempt I failed p6 at 49. That was my final exam and I researched the administrative review thoroughly. All the research lead me to believe that there’s only a 2-3% chance of the original mark being changed in favor of the candidate. Even then I was like it’s worth a chance so I went ahead with the review. The result didn’t change. There are two problems with the review in your case. One is that you got 49. They give a very special and extra look to the “49” cases. If it had been 47 or 46, you would have had a better chance with the review because there were more chances of a mistake occurring but at 49, knowing how crucial that one mark is for the candidate, they take extra precaution and therefore less chance of a fail changing to a pass. Secondly, the review is just a recounting of the marks that have been assigned not a conceptual recheck of the paper.
Having said that, except for the potential loss of 79 or so pounds, no harm in trying. Good luck.
thank you so much! 🙂 much appreciated. i also learnt that one should read the entire question. I didn’t read the full question so missed out on the whole 365 days thing 🙂 but thank you once again.
angryhamtaro, can you please check out my post and reply if you can? I can’t seem to figure out how the revenue was calculated 🙂 nor the budgeted variable costs..
i got 49! It was my last paper!!! I would have bloody well qualified as a member!! my work experience was done! ARGHHHHHHHHHHHHHHHHHH!!
Administrative Review. Any thoughts please? Has it EVER happened that someone opted for the administrative review and their mark increased by 1? EVER?
I don’t think there was APR for the farmland. At the time of gift it was farmed by the tenants and the conditions for APR are that if it’s being farmed by tenants then the minimum qualification period is 7 years. If it’s owned and farmed by the owner, then the minimum period is 2 years.
in question 1 i don’t think there was any double taxation relief because i don’t think there was any double taxation at all. that was the clause.
i screwed up the nic calculation. i deducted personal allowances from the income and then calculated nic on the remainder 🙂
i can’t even login to my acca. been trying since morning and can’t get through! acca should really do something about this! divide up the servers or something!
well, what I’m going to do is I’ll study the opentuition notes, notes that a friend of mine gave me. That should take a day at the max and then spend the rest of the time reading, not attempting, but just reading the study guide. I have an F8 exam today so I’ve been preparing for that and STILL haven’t touched P1. Gonna start P1 after my exam today. So let’s see. Pray for me man 😀