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Found question 1 very difficult. Got bogged down too much in the question as opposed to simplifying the requirements
Yes, I was exactly the same. Hated Q1, I spent so much time re-reading. I wouldn’t have scored any professional marks as my answer was all over the place.
I was happy with Q2 and Q5 then completely rushed Q4 as only left myself 20mins.
After 8 weeks self study, 2 days revision and no time for much question practice, I am happy that I was able to complete 95% of the exam. Plus I had to re-learn F6 from 2011.
So i’ll be happy with whatever mark I get. Pass or fail.
I remembered the professional marks right at the end and then scribbled in a heading in the top space of the answer page. Not sure if that will score any marks. Miracles can happen.
Can’t see the P6 pass rate being as high as 43% this sitting. Felt like a marathon paper to me. Good luck all those who sat. High numbers of Hard/disaster in the instant polls!
I did the q1 last and finished it all I think I did ok failed last time on 43 percent and felt it went better fingers crossed
Question 1 was ok… but what did everyone adjust for roll over relief?? I took out the purchase for patents.. I don’t remember learning this but it was the only intangible asset in the list.
Also did anyone use the may to Oct17 index number instead of the index number used in the question?
I didn’t expect pensions to come up???? was not told this and a new area on EMI.. never heard of this!
Question 5: The Inheritance tax question and CGT got abit complex.. but seemed ok.
@alaina1987 said:
Question 1 was ok… but what did everyone adjust for roll over relief?? I took out the purchase for patents.. I don’t remember learning this but it was the only intangible asset in the list.Also did anyone use the may to Oct17 index number instead of the index number used in the question?
I didn’t expect pensions to come up???? was not told this and a new area on EMI.. never heard of this!
Question 5: The Inheritance tax question and CGT got abit complex.. but seemed ok.
For Q1 rollover relief, I did the same and removed the intangible assets because I assumed the proceeds should be re-invested in a like for like asset.
I also used the May 98-Oct 17(?) index as this relates to the date the asset became available to sell as part of the agreement.
I was hoping EMI wouldn’t come up but then I remember seeing it as an exam tip. I scribbled something about it being tax free but was limited to so many shares. Didn’t remember the details.
All in all a very challenging exam. Best of luck everyone!
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Thought there is no ROR on shares proceeds – shares are not a qualified business asset for ROR .
The sale of bldg. was crazy stuff too- the companies were in same CGT group why sell at MV.. a strange question !
Q1- Group relief/roll over relief/de grouping charge/VAT question on Business entertainment.
Q2- Petrol/Inheritance tax(Charity)
Q4- RnD Large company and Transfer of shares/ Corporartion tax due dates
Q5- IHT/Agriculture relief and Capital gains tax combined.
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I also took out the patent because ror is only available for land and buildings and fixed plant and machinery. There was a regrouping charge that need to be added to the sale proceeds.
As for the sale of shares there was element of stamp duty because sale was within 3 years and so the original exemption was chargeable now.
Vat was chargeable because transfers was not at going concern. Also as sale was less then one year do not covered by sse, sale should be at least after December 2017 for sse to apply.
I’m not sure if these points are right but these are what I wrote down. I just hope I pass. Good luck everyone
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As the companies in same gains group sale was at no gain no loss . However as company was leaving group within 6 years with building still owned degrouping charge needs to be calculated.
Ror is available to be used by any member of same gains group
Hello Guys,
I wondered if anyone could help. Do you know anyone who did revision in LSBF?
I was looking for answer for the last 5 exam questions. I did revision in March, but that one has expired.
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