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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. SighI 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
I agree. Its my 3rd attempt for ATX-MYS and it just keeps getting harder. This round was a disaster.
Please what is it answer to number 4. The CGT and IHT advntgs and disadvantgs for paying earlier
And the advs for paying IHT b4 her death in 2019/20
Also was PPR relief to be prorated at 70% during the time period the house was let and was letting relief available and to be calculated?
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 upIt is my last paper and my 4th attempt im stuck in the 40 region
I really do not want to resit
@abejide09 said:
Please what is it answer to number 4. The CGT and IHT advntgs and disadvantgs for paying earlierAnd the advs for paying IHT b4 her death in 2019/20
Also was PPR relief to be prorated at 70% during the time period the house was let and was letting relief available and to be calculated?
I think the question was the iht advantage of gifting during life and the CGT advantage of selling shares later?? Either way I wrote iht advantage of gifting during life was annual exemptions plus possible taper relief. The advantage of selling shares later was the annual exemption availability as she had two cg in one year and only one ae but if sold in new tax year then another ae. Also if sells later then capital gain tax not due till later.
@johnmoore said:
Ah man everytime
I come out the exam i think iv passedi check peoples answers and i kmow i messed upIt is my last paper and my 4th attempt im stuck in the 40 region
I really do not want to resit
John completely know how you feel that was a resit for me and its my second last exam and sucks every bit of energy from me, I have two young children at home and work full time. Imagine how you will feel when you finally get that pass how sweet that will taste! Hopefully this time for us both!
I seem to remeber them being just over 5 years apart, like 5.5 years, so I said QSR did not apply
@daisypeg said:
QSR only applies if inheritance tax was paid on the first death and then subject to tax again on the second death. Pavels estate was transferred to his wife so was exempt and the transfer to Wanda was covered by his death tax nil rate band so no inheritance paid. Inheritance tax wasn’t paid on the death of Pavel so QSR is irrelevant.I used the 325,000 nil rate band for Lucy plus the remaining death tax nil rate band for Pavel so 325,000 less the amount left for Wanda on his death.
This is my last paper and hoping for all first time passes so fingers crossed. Good luck all
Daisypeg in the course I took we learned that the remaining nrb between husband and wife was to be calculated as a percentage and not a straight deduction of what was already used. Then to apply that percentage to 325.000 and that is the amount that could be added to the wife’s nrb. Not sure which method is correct.
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 325000Gave around 50 percnet
Added it onto lucy band rate
They were definitely Wandas. You just needed to add them to what you calculated for Roth.
I did the same as you with deducting the salary then partneshipt share %.
On the company calculation, i took the 100k, deducted the salarys and then taxed the remainder at 19% (approx 4k), then added that to Roth tax liabilities and Wandas that were given.
Similar?
@johnmoore said:
I think your rightWhen he died he gave 160,000 meaning at that point he used 160,000 of it
165000 was used
Divided by 325000Gave around 50 percnet
Added it onto lucy band rate
Was the NRB on the first death different? Was it not also 325k? If they’re the same then % will equal the same as taking it away right?
What did people put for the gift of the investment property in lifetime of on death?
IHT= There was no NRB left, and she was dying in a year so no taper. If you gift it in life, then you can claim Fall in value relief for IHT.
CGT= If you gift it, then its a disposal at a loss, which if was still a Capital loss at death, can be refunded by HMRC
What did you guys put?
A
Group relief question..
As it was a Capital Gains group, the qn said that Fip Ltd was not large. So i said Fip, should transfer their chargeable gains to the company that had the loss (cant remember maybe han) so that their TTP would be below 250k, which was the limit (1,500,000/6)
Did you guys get the qtrly instalment for january 19 to be approx 25/26k?
Decision to delay the gift and sell to her son….
At first i was going to mention connected people, but then realised that the price being paid was the same (28 per share). So my only reason for delaying, was that she would get a new aea of 11,300 by waiting till may, because 10k (Approx) was used on the part disposal with cash on the takeover from vulcan. Then split her CGT payable withh 3500 at lower rate cgt 10% and the remainder at 20%.
What did other people get?
Because 180000- current Annual exemption 3000 – last year’s annual exemption 3000 so 174000. Then 325000-174000=151000 is the remaining band rate I got. I didn’t reduce the cash that Pavel had kept aside for Wanda because according to me that was kept aside in the death estate and not gifted to her. It was mentioned that Pavel had made no lifetime gifts. This is why I did that calculation. I hope I pass.
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