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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
Can anyone remember the questions? I got so stressed out that its all a blur to me
I did 1,2,3,5
In 1 remember doing the Deemed payment calc for last part, Was 2 the Loss groups and roll over reliefs? 3 was mainly IHT and CGT and 5 can’t remember at all now lol
For the companies I think only the first scenario resulted in a loss group with the Artix 80% and Drizz (something like that) the next one I said had no groups or Consortium relief as no one owned >75% and Mr Cates was a sole trader not a company so can’t be in a group, then the third scenario I said was a Consortium as the two companies had more 5% but none had >75% no idea if this is correct was pretty much guessing as not great on groups
Kevin – that’s pretty much exactly what I said. The consortium companies would be able to surrender/claim 70% or 30%.
I did questions 3 and 4.
Question 4 part a and d were pretty easy but b n c were awful. Zero marks.
Hi guys,
I agree with the no calculations part. Pretty sure 80% for me is written, which I think I prefer.
Question 1 & 2 we’re fine-ish. Question 3 ok but felt all I did was write, I didn’t provide any calculations. Question 5…. hmm. Question 4 I didn’t pick purely because I saw overseas VAT. Might of been a better choice in hindsight.anyways could anyone answer these annoying niggles I have with that exam?
Not sure if anyone else didn’t find The rollover relief straight forward? I got that it was a gains group, I thought all 3 buildings were within the time limit 12m36 and that on the office bought only available on 2/3 as the rest was investment us but didn’t get the whole which building was best to use it against. I Thought the proceeds of 180000 or whatever it was, were100% reinvested in all 3 options either. I run out of time for that question so I left it. I must of been missed the trick there. Any one know?
Also in question 5 for the houses, can someone please tell me what different it makes in which house they elected as their residence. I got the PPR and letting exemption but kind of presumed it was only available under If house 1 was elected. what’s the diff treatment on that?
Wishing you all the best anyways!
^^^^please ignore the rollover relief part I have taken it the wrong way round and am kicking myself now.
I wasn’t too sure on the rollover relief either, I said if the chosen structure was the first with the 80%/10%/10% was the one chosen then a gains group for roll over relief would exist and 2/3 of the proceeds could be rolled over. I said to pick the first building which had the highest chargeable gain, not convinced this is right but I had to rush and complete the question
For the houses in Q5 I said if keep house 1 as ppr then it gets the PPR and letting relief.
If doesn’t keep house 1 as PPR then it will get no PPR relief on sale but still get letting relief, again total guesses wasn’t sure if letting relief only on PPR property 🙁
It was a consortium. Two or more companies between them own more than 75%, no one owns more than 75% and each own more than 5%. That’s the rules. Kevin you are right
that was the holding Drizzled …Drizzle held 70% and 5% in the third .for a consortium it had to be at least 5% which it was it was held 70% X 5% ..making about 3.75% something
Sorry Rohail – I think you misread the question mate. Structure C was a consortium.
I too got that structure C was a consortium because more than one company owned more than 75% of the shares combined, and each holding was more than 5%.
They owned 70% and 30% respectively.
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Q1 Doyle: Resident but non dom person loads of writing hardly any calcs for me
Q2 Drizz: I also got consortia on part c. I messed up the rollover.. i said go with option 1 because it had highest chargeable gain hence less is taxed now. Im pretty sure i missed a trick here.
Q3 CGT, IHT, Etc.. person dying and leaving gifts to grandchildren
My cgt calcs were all losses gosh..bet i missed a trick here also
Q5 could only answer the bit about sips.. the whole question just confused me
It was a fair paper but i just made loads of silly mistakes. Praying what i did was enough.
Looking back i feel like i could have done more. Gona try and forget about it for now
Oh yeah Q1 was remittance basis and double taxation relief, I done some calcs and lots of discussion then the personal service company bit i think did OK here with the calc, 5% penalty, strip out NIC and income already taken, ignore dividends. The bit about implications of divideds and Corp tax for the company threw me a bit, I said divs ignored to avoid double taxation, and Corp tax not paid as pay all profits in deemed pa had never really thought about this before and had just learned the proforma.
2) Same as most x loss group, y no group and z consortia
Then there was bit about Integrity for 5 marks, and conflict of interest just waffled on about code of ethics and hmrc
3)Got losses with the painting after doing a part disposal calc for the cost, so no cgt, but pet for iht? Then talked about that
The 1St set of shares I dont recall getting a loss but can’t remember what I did get
There was more to this question that I’ve totally forgot now.
BPR and advantage of making life transfer
Q5 SIPS bit and calc how much more salary a guy should be paid to cover extra costs of renting and travel to work, think just worked out the costs then salary by factoring in I.T and NIC to get amount.
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