[richa.B]

Could you guys please discuss your answer or guesses for part a Lara’s residency or the first one leased build or buy build via loan. Like option 1 was better or option 2 was better and what was that reduced tac liab part? I didn’t understand that requirement

[richa.B]

Did Anyone Get the paper where Sec A question for first 12 marks was to calculate the reduced Tax liability of the Building was bought via loan (option 1) or leased (option 2) . How was this to be solved? And what was the answer for the Last question in this Section, the Tax Residency status of Lara? So many restrictions yet 3 ties were supposed to be satisfied for her to be UK resident. He Days were not clear there was a range given, then Family tie satisfied but work tie was restricted by ques and no automatic tests, no Split year basis. What was the catch here how to decide whether she was resident or not?

I somehow don’t remember question 2 at all, only that there was a ques for CFC, it said what’s the implication for UK company for having a CFC abroad and no exemptions are available. I mean it was for 6 marks other than CFC charge what needed to be mentioned idk.

Then there was something about Ind recieving a house from her mother and because of which she would move out of her rented flat. Post tax and post outgoings what money she would have in hand needed to be calculated. Here, she was given part time salary, mileage allowance , outgoings were mentioned and rent of flat was there and the mother’s house that she would move in would also be rented further and rent to be recieved and a legal charge to let out the house was also there.
Calculation of post tax and outgoings amt was to be done and to comment on the tax treatment of the house from mother.

Q3 had CGT questions for calculation of Capital losses on Build and warehouse and explanation for it’s based costs were to be written I guess for 8 marks.
Then max amount of these losses that can be set off in the gains group ( one of the loss was pre entry capital loss andthe other was post entry capital loss) and explanations for it’s implications were to be given. The Group was EXE ltd group.

Q2 also had the CGT questions in regards for Gift of building by Father to daughter used in partnership business and a gift to Trust that he made in the same month before the building. CGT implications were to be discussed here, like capital gain and whether Gift holdover relief was available and BADR was available. This was for 6 0r 8 marks i don’t remember.
Then a 3 marker for the same gifts but whether BPR was applicable if the father dies in 2 years. Explanation for that

And then last part was the one I mentioned above with Daughter getting house from mother.

Q1 also had a part for engineer is self employed or employed , the Option 1&2 for buy or lease building also had a part of VAT implications of those buildings and same part included the implications and payments details for ANNUAL ACCOUNTING SCHEME FOR VAT.
Then ethics had a tax refund question, actions to be taken by firm and matters to bring to client’s attention

Honestly I can’t decide whether the exam was okay or not.

Q1 section A also had 2 IHT questions Idk what they were about i didn’t have time I ended up leaving it both were 7 markers

I attempted for 86 but I really don’t know whether I would clear or not.
This is my third attempt idk what will happen.

Please someone discuss if you got a similar paper.

Th

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