*** ACCA P6 June 2018 Exam was.. Instant Poll and comments ***

Also sat the UK variant. Guys what did you write regarding the entrepreneurs relief? Was it available or not? Also did you use business property relief at all? I was not completely prepared but gave it my best shot.

@ddmoo said:
Just read the textbook, PETs do not affect the NRB until they become chargeable. In the question it would have become chargeable on death.

Ziti (Q20 in Kaplan) is a good example of what I think should have been done for the question in the exam. It shows the Inheritance tax payable on a PET at death. Before NRB available, it says “Gifts in 7 years before the gift (1.7.2007 – 1.7.2014). We were given the gross chargeable transfer amount in the exam so there’s no need to deduct the annual exemptions to show NRB available.

Good to know I’ve got 1 mark in the bag 🙂

@ddmoo said:
I believe (still not looked this up) the asset needs to be disposed of within 2 years of the cessation of business to qualify for ER so I said it would not be available. I didn’t write anything about BPR as I believe the question said it did not qualify for it.

Think it’s 3 years but I’ll check for us now

@samh88 said:
I’m glad I’m not the only one who was annoyed by the kids outside, it was really distracting. Also the room I was in the desks were facing a massive window with sun beaming in.

I noticed that about question 2 aswell so hopefully picked up some marks there, although I put deliberate behaviour for most of them because it seemed like clear tax avoidance.

I made a complete tits of the exam though so I’ll be resitting in December. Which is another annoying point, it’s not really fair that the Irish paper can only be sat twice a year!

Yeah absolutely ridiculous they thought it be a good idea to give screaming young kids a tour of the place when there is major exams going on. It definitely made it harder to concentrate when there is kids around screaming and laughing. What a joke. Thousands having to que up for the elevators (the one which actually were functioning!) because all other exits were blocked off was also embarrassing.

I put deliberate behavior for most as well because there was quite a lot of tax evasion going on in that question. The undeclared sales, staff bonus paid in cash left undeclared, and private motor expenses been put through the books, etc.

You probably did better than you expect. If you attempted everything then there is hope.

I believe the two sittings a year for our paper is due to a lack of resources. If I am not mistaken ACCA outsource our exam to the Irish Tax Institute and they write the paper, mark the scrips, etc. But I heard it’s only practical for them and ACCA to arrange it twice a year.

PS: Retirement Relief for the shares in Q1 with a 3,000,000 limit (less any used up) is because she was disposing to a Favorite Niece and Favorite Nieces are treated as a child for tax.

@dskinner83 said:
I believe it is three years, but that meant it was available on the first possible date of disposal but not the second as the three year time frame passed in the middle of them.

I think in this exam the timings of the two options are often a clue as to terms of the relief, as the availability of the relief will often change in the middle of the two options.

Yeah, good spot, that often seems to be the case from past paper questions too. Pity that I wasn’t able to think properly after accepting failure after about 15 minutes in.

When do you guys (I mean those that think they’ve failed) start revising? I’m going to re-sit in September but that’d only give me 1.5 months if I started after results. I think I’ll take the weekend off and start again on Monday evening but feel the need to start right now even though I’ve been awake since 4am (couldn’t sleep)

I’m going to stop reading this until after results now. I’m just stressing myself out that I’ve gotten it all wrong.

See you all in July

I sat P 6 UK variant for 3rd time. If I did not pass P 6 this time I would go for P 5.
P 7 was done very easily by me, so I do not understand why P 7 has this low pass rate.

If someone studied both P 4 and P 5 which one from them you would recommend ?

It was mention clearly BPR not available

I also sat the UK variant.. and thought it was awful, even though I scored high marks in my course assessments!

Question 1 .. I practised SO many IHT and CGT questions at home I thought I was ready. Yet never came across a question with a sale at under value rather than a gift. So had no idea what the value of the transfer was. Ended up guessing that it was the fall in the value of the estate which I thought should be MV less proceeds but still cannot find a sample question to compare it to.

Entrepreneurs relief question.. again, I had learned the rules re > 1 year, 5% voting rights etc but nowhere in my study text does it mention ER after cessation!

Lots of silly mistakes, ie not noting Jessica’s pension should have been limited to 3.6k rather than the full 40k.

Was disappointed there was nothing in regards to DTR, RBC, Conco (not much on corp tax generally), share schemes.

Disappointed it ended up this way esp as it’s my final exam.

Best of luck to everyone though!

I was also thinking about same treatment MV less Consideration received but wasnt sure. I wrote both aspect.

@dskinner83 said:
For the non residence bit I put that only his income and gains from the UK would be taxed whilst non resident, and that as he was non resident for less than five years, any gain on assets which he owned before moving abroad but sold whilst non resident would be taxed in the tax year of his return. Remittance basis is only relevant where the person is resident but not domiciled. in this case he was going to be domiciled but not resident so rules are different.

I wrote similar to you, nothing about remittance basis.

hi yes iw rote about remittance etc remitted income temporary residence and the remittance charge

fingers crossed was my third attempt

made some silly mistakes

@johnmoore said:
hi yes iw rote about remittance etc remitted income temporary residence and the remittance charge

fingers crossed was my third attempt

made some silly mistakes

Remittance basis only comes into it if he is not UK domiciled. I believe it said in the questions he was UK resident and UK domiciled before moving abroad.

I genuinely think if I relaxed in the exam and kept composed I could have passed I made so many stupid mistakes…I will sit it again in September because even thought it was thirs attempt I feel I can pass

but these stupid mistakes are killing me