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Question 1:
Did you have to include the father Pavel’s IHT nil rate band which he gave over to his wife Lucy?Wanda tax liability: I dont understand what the requirement of the question was to summarise her tax liability- can u explain?
Question 3: what were the CFC charges?
What are the rules for a 12 month exemption period?Question 2: Re: Mar building- How were you supposed to allocate the partial exemption company and recover the VAT on the sale?
For 1, yes but he used some of it up. For 2, you needed to work out total tax liabilities of wanda, her husband and the business if it was a company or p’ship. They had already calculated her personal tax. For 3 the charge is artificially diverted profits at UK tax rate less tax paid overseas. For 4 you assume the remaining 3 years or so are recoverable at 100% so reclaim the non recovered amount at 1/10th for 3 years.
Annoyingly I calculated the VAT but forgot to say it was recoverable not repayable!
2. you did not have to work put liability of wanda, in the question it says roth only
ah man i messed up the vat part bad and the liablibty part i think out of 16 i probs got like 6 🙁
Did anyone apply Quick Succession Relief in question 1 as her mum and dad passed within 5 years of one another? I did but now wondering if I shouldn’t have.
This exam was a disaster for me. I didnt get half the requirements and when i did, i forgot the reliefs and conditions.
It seems easy if you had learnt your stuff.
So gutted!@mazzyking said:
Did anyone apply Quick Succession Relief in question 1 as her mum and dad passed within 5 years of one another? I did but now wondering if I shouldn’t have.I don’t believe you had to since this is a relief based on iht paid on asset within five years but transfers between spouses are exempt
@fradel said:
Question 1:
Did you have to include the father Pavel’s IHT nil rate band which he gave over to his wife Lucy?Wanda tax liability: I dont understand what the requirement of the question was to summarise her tax liability- can u explain?
Question 3: what were the CFC charges?
What are the rules for a 12 month exemption period?Question 2: Re: Mar building- How were you supposed to allocate the partial exemption company and recover the VAT on the sale?
I believe we had to calculate the percentage remaining from the fathers nrb and apply this to 325.000 and add to the mother’s. I got this to be 49%. Not sure I did this completely correct.
Marks for professionalism for me, none, I crossed out so many answers and rewrote I hope it’s legible!!
Did you guys get 200.000 main residence nrb, the mum and dad’s? Also for the capital loss group did you guys time apportion the figures given since the budget was till the end of march but the loss was to be relieved as at Dec 18? I completed the paper but found it strange, where were all the reliefs?What was the last requirement of 35 marks question,it seems to me that I forget to write the last requirement.please anyone can tell
@accaayush said:
What was the last requirement of 35 marks question,it seems to me that I forget to write the last requirement.please anyone can tellLump sum, occupational pension, relocation package, any reliefs for selling home ppr letting relief.
@angelamalta said:
I don’t believe you had to since this is a relief based on iht paid on asset within five years but transfers between spouses are exemptThanks, perhaps you are right, but I thought because the question said that she received an amount from her father’s death estate that this would apply. Nevermind, i really struggled with this paper.
@accaayush said:
I am asking foR first question last requirementI think it was regarding unpaid taxes and the implications for the firm. I could be wrong.
@accaayush said:
What was the last requirement of 35 marks question,it seems to me that I forget to write the last requirement.please anyone can tellThink it was regarding the repayment that had been made to her from 11 12 what action to be taken.
@johnmoore said:
What did you write for the income tax refund?Improvised on this one lol and a few others ? wrote that since it was unexpected to contact HMRC to find out what it was based on and not to utilise it. Not sure what the connection was to her situation or it related to 11 12 and she stopped working 31 Dec 12 I believe.
I really don’t know how I did. I think I lost easy marks by not revising enough. Really don’t want to re-take.
Question 2 about companies – what was the answer to the group loss relief. The main one seemed to transfer to the company that the question mentioned anyways (when it said assume all the loss is transfered to one of the other subs)? I definitely lost a lot of marks there.
@johnmoore said:
What did you write for the income tax refund?Same as angelamalta. contact hmrc, see how they worked out. tell her to return money if it is a wrong refund. stop acting for her if she doesn’t return.. I just made it up.
It was a strange paper. I completed it but not sure whether I’ll clear the exam. Will have to wait for Jan 14 th for the results to decide my future plan of action. I just hope my hand writing was legible so that I get some marks.
In q 2. Which companies should the capital loss have been relieved to, as it said quarterly payments will not change regardless.
With the loss was confusing as the quartlety payments didnt change
So i jus put it against the group gains group any to give a cash flow advanrage just lower tax
Fip was bought in 1 dec so giving some to them would lower tax alot and then u oay little tax after 9 months 1 day
Had to blag it there abit i think you could have put capital loss anywhere
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