[paulcostelloe1000]

Thanks a mill for the advice Ken.

[paulcostelloe1000]

She was transferring the business to a favourite niece/nephew, so she would have been entitled to RR for 3million, however, she has used 150 of her alliance already, thus reducing her RR entitlement to the 2,850,000. It would have been 500k if the disposal was to a third party, reduced from the normal 750k if she was between 56-66. I think this is rules, but me head is fried from the hot weather and tax legislation. I don’t feel confident of a pass, kinda was thrown stuff down without answering the requirements. The two sittings a year is a Joke, it should be raised if possible to bring it to 4 in line with the international papers.

[paulcostelloe1000]

Hi all,

I sat the Irish variant too, however, I can’t seem to remember the questions very well.

Do you remember in Q1 the various transfers Lorraine was making i.e the business premises and apartment, would the transfer not have been tax free as they were between spouses ?

Then to follow on, the better option was two because if Charlie occupied the apartment for three years after the transfer he could sell it on then availing of PPR. Lorraine in turn could sell the business premises and avail of RR because it wasn’t practical for her to transfer the business premises to Charlie because he was only 36 and would have to wait 20 years for the relief.

What are your thoughts on this ? This requirement sent me all over the place, I couldn’t iron out was going on, I needed more time to think the scenario through.

Then the last 18 marks confused me too. Lorraine was able to utilise her remaining RR of 2,850,000, the value of the company was no where near that value so RR fully covered the liability.

Her favourite niece had 30k left as a class 1 threshold after using 280k from a gift from her mother and she availed for Business relief and there was no CAT liability.

Something must have went tits up with that question for me ?. I think I could have thrown it away on Q1. I didn’t remain composed.

I found it time pressured being honest. Time management is hard.

Thanks mate

[paulcostelloe1000]

I used the calculator the most in Q2 which was all on CGT and CAT, however in Q1 I had only two workings, one for the disposal of the business in 2017 and the SARP.

I did Q3/Q4 , but for me it was 70% theoretical and it’s very difficult to measure if I have a chance this sitting.

Irish variant BTW

[paulcostelloe1000]

Thanks for the reply. I appreciate the overview and guidance you have given me above.

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