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Feel ok coming out of that, question 1 was good – did anyone include IHT and Capital gains in part B ? When they asked about when the taxes were due ?
I think paper was okay. Can someone tell me what was correct treatment of degrouping charges in Q2
there was no degrouping charge as it was not sold at no gain no loss… therefore only the cost would’ve been indexed that’s my understanding
and if it was sold on 01st March 2018 they would’ve been part of the 75% gains ground therefore no sdlt tax and no chargeable gains as would’ve been sold at no gain no loss
hi I didn’t include that as I’m pretty sure didn’t ask for the cgt and IHT in part b so didn’t include it especially the IHT as that was part c of the question cgt thought about it but then didn’t add it in you’ll still be credited for it whether you have or not put it in
Brill I put no degrouping charge as nil gain nil loss
Was the BPR a trick question as I didn’t think any BPR on investment assets but not enough info given
I thought the close company was a good one but not sure I did enoughnot a trick question bpr was simple bpr not available on investment property of it was a qualifying asset and owed for 2 years
did any body do question 4 ? what was the difference between the two shareholders and the car expense ?
wild ltd didn’t sell the building at cost therefore it wouldn’t have been a degrouping charge unless I read it wrong ?
There were a few tricky parts, as you would expect, however overall there was a good range of questions and nothing horrible!
I am wrecked mentally after that.
Now I need to try and not have a meltdown in the next 6 weeks waiting on the results as it is my third attempt at p6.
Yunusmulla, I did question 4 I found the difference was one was a basic rate tax payer one was a higher rate tax payer?
Then for after tax cost to the company I did original cost of the 2 vehicles/3 years class 1a NIC then deducted the sale proceeds they then sold them for.
difficult i need more practice
i thought there was a no hain no loss between wild n the other
i will attempt in june might take classes my exam technique is crap
on q1 i forogt incorporation relief…so jus talked about er…the sale gain…goodwill not allowed etc
iht was ok but wasnt the pet both in the same year?
oh well it was my second attempt third one in june 🙁
the q3 confused me as maybe i jus got demotivated by then
@rmulligan88 said:
Yunusmulla, I did question 4 I found the difference was one was a basic rate tax payer one was a higher rate tax payer?Then for after tax cost to the company I did original cost of the 2 vehicles/3 years class 1a NIC then deducted the sale proceeds they then sold them for.
?
but the lower rate had abated pa n the higher did not right@rmulligan88 said:
Yunusmulla, I did question 4 I found the difference was one was a basic rate tax payer one was a higher rate tax payer?Then for after tax cost to the company I did original cost of the 2 vehicles/3 years class 1a NIC then deducted the sale proceeds they then sold them for.
hi why class 1 na
It said it paid total £100,000 dividend in the year so I split it 20% and 3% for their holding (don’t know if this is right)
Also it said after tax cost. The company would have had to pay class 1a for the 3 years it provided the benefit.
This was my 3rd attempt at p6 and pretty sure I’ve failed again so don’t take my word for it on this question, it’s just how I answered it.
@rmulligan88 said:
It said it paid total £100,000 dividend in the year so I split it 20% and 3% for their holding (don’t know if this is right)Also it said after tax cost. The company would have had to pay class 1a for the 3 years it provided the benefit.
This was my 3rd attempt at p6 and pretty sure I’ve failed again so don’t take my word for it on this question, it’s just how I answered it.
i was thinkin leavin p6 doin p5 but will give another attempt…oh crap ur right..i messed up itt was 100000 between them..i defo failed
@johnmoore said:
i was thinkin leavin p6 doin p5 but will give another attempt…oh crap ur right..i messed up itt was 100000 between them..i defo failedyou still goin to attempt im taking lessons nw
@johnmoore said:
you still goin to attempt im taking lessons nwI need to do P3 in June (and hope I pass or inlops my P1) then I’ll decide in sept whether or not to do p6 again.
I worked back to front did question 4/3/2/1
Really messed up q 2 and then panicked on q1 and even though I started q1 with the right amount of time for it I kept making mistakes and starting again so wasted 20mins and then struggled to finish on time. Really annoyed with myself
I had thought they were both higher rate so wouldn’t the cost be the same and the rates ?
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