ATX*** ACCA Paper ATX December 2018 Exam was.. Instant Poll and comments ***

How was the exam?

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?

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 :(

I did not finish question 3!

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!

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

@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 exempt

Thanks, 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.

I am asking foR first question last requirement

@accaayush said: I am asking foR first question last requirement

I think it was regarding unpaid taxes and the implications for the firm. I could be wrong.

What did you write for the income tax refund?

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

How can I put a complaint in at ACCA ? Today I arrived at the exam hall with my docket to find they had missed my desk number out when setting out the hall. when I said I can’t find my desk they questioned that I had got the wrong day or wrong centre after arguing with them that I can’t find my desk showing the docket they then had to go and find a desk and chair and admitted the number was left out. There were over a hundred people in the room. It was minutes before the exam started and then they hadn’t given me the answer booklet. Very poor organisation just what you need to calm your nerves!

I think you can claim mitigating circumstances and just have to email them with the details. That’s just stress you didn’t need before the exam!

ATX-MYS. Second attempt for me and I think it's a complete disaster! Should get ready to reattempt, again. Sigh

I feel that while calculating the post IHT tax of Lucy for Wanda, she'll have to do 8,50,000 (estate value of Lucy that Wanda inherits) less 325000 (NRB transferred from Pavel's death as he made no lifetime gifts. That transfer of cash to Wanda was on his death estate and not lifetime.) Less NRB of Lucy was 151000 (because she made a lifetime gift of 180000 to Lucy during her lifetime so 325000-174000 is 151000.) Less 100000 RNRB of Lucy as it was a main home transferred from Lucy to her daughter, less 100000 RNRB of Pavel transferred to Lucy as that was unused as spouse exemption of IHT. Whatever the amount is, * 40% is your IHT payable on death estate of Lucy by Wanda.

I wrote that if the tax in shalia country is atleast 75% of the UK tax rate, profits of that Long Ltd is 500000 or less and of that 500000 if 50,000 was from non trading income and if the profit margin was 10% then that CFC is eligible for a 12 months of exemption in the first year. And to calculate the CFC profits, we need to show the calculation as Profits of CFC (60%* profits of Loj Ltd*19%) less DTR available on tax paid over the profits of Loj Ltd in the country of Shalia. (60%* profits of Loj Ltd * tax rate in Shalia)

Are you sure those tax liabilities given in the question was of Wanda? Because when I calculated I got a different answer. So I thought it was the previous liabilities and added it up to my answer. But can you please tell me how did you calculate the actual profit figure? For partnership, I did 1,00,000-14000 salary of Wanda which comes to 86000. Then I divided the amount 60%and 40%. Am I right?

Not sure but I think the iht payable was near about 171000 ,anyone got that answer

For question 2a what did you show for how cash flow could be improved? Because quarterly payments wasn't applicable. I went down the approach of calculating which companies had underpaid from the first quarter to budgeted results then off set the loss to those companies as to reduce any late interest due. But not sure if I missed out what I was meant to be calculating?

When you log in to My ACCA, there is a link called ''Exam'' under which you will find two options ''Mitigating Circumstances'' and ''Center Complaints''. I think you must use that otherwise complaint directly to ACCA contact email.

@ltrevatt said: How can I put a complaint in at ACCA ? Today I arrived at the exam hall with my docket to find they had missed my desk number out when setting out the hall. when I said I can’t find my desk they questioned that I had got the wrong day or wrong centre after arguing with them that I can’t find my desk showing the docket they then had to go and find a desk and chair and admitted the number was left out. There were over a hundred people in the room. It was minutes before the exam started and then they hadn’t given me the answer booklet. Very poor organisation just what you need to calm your nerves!

When you log in to My ACCA, there is a link called ”Exam” under which you will find two options ”Mitigating Circumstances” and ”Center Complaints”. I think you must use that otherwise complaint directly to ACCA contact email.

Ah man everytime I come out the exam i think iv passedi check peoples answers and i kmow i messed up It is my last paper and my 4th attempt im stuck in the 40 region I really do not want to resit

I seem to remeber them being just over 5 years apart, like 5.5 years, so I said QSR did not apply

I think your right When he died he gave 160,000 meaning at that point he used 160,000 of it 165000 was used Divided by 325000 Gave around 50 percnet Added it onto lucy band rate