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Looking at the paper, just realised that the gift of cash of 160k from the dad was at death, so shouldn’t have removed 6k AE. So the NRB left from the dads death to transfer to the mum should have been 165 not 171 🙁
If the money is given on death, I don’t think we need to reduce the NRB. If it is a life time gift only then the NRB will be reduced. I took 325000 transferred from father Pavel and 151000 unused NRB remaining from mother Lucy along with 1lakh RNRB of mother Lucy and 100000 RNRB of father Pavel as deductions
Does anyone include class 4 and class 2 NIC on that partnership in question 1 I think they didnt ask for that
I think I’ve made a blunder in the question number 3 liber part. Does anyone know how much marks would ACCA deduct if I did a calculation mistake while considering the consideration due to which the other answers came wrong too? I’ve written on takeovers share to share transaction is a no gain no loss transaction and those gains are deferred till the sale of the shares. I’ve also written cash recieved on takeovers would be attracted to capital gains at the time of disposal. And in the b) part I’ve mentioned that he would get an additional AEA in the next year if he sells the shares. Also, the capital gains tax payment date can be further delayed if sold in the next year. How much marks will they give for this? Does anyone have any idea?
Does anyone here included class 2 and 4 national insurance on question 1? I didn’t include the national insurance cause question clearly mentioned for “income tax payment” so just calculated income tax liabilities and then period of account
I’m so annoyed with myself as this was my second sitting and I messed it up once again, due to panicking, even though this exam was very fair. I missed out on so many points because I dived into the calculations without explaining the theories eg the group loss relief question. I basically messed up every single question:(( I thought I had covered the syllabus quite well but in the exam itself, just couldn’t remember the easy stuff like the capital goods for vat and the CFC calculation etc
Guess I had better book my resit for March19, so frustrating..
Also, did not help that the exam hall was absolutely freezing!
I’m trying to forget my stupidity but think it will take a few more days…..Be positive man, you never know
@thao67 said:
I’m so annoyed with myself as this was my second sitting and I messed it up once again, due to panicking, even though this exam was very fair. I missed out on so many points because I dived into the calculations without explaining the theories eg the group loss relief question. I basically messed up every single question:(( I thought I had covered the syllabus quite well but in the exam itself, just couldn’t remember the easy stuff like the capital goods for vat and the CFC calculation etc
Guess I had better book my resit for March19, so frustrating..
Also, did not help that the exam hall was absolutely freezing!
I’m trying to forget my stupidity but think it will take a few more days…..@daisypeg said:
Did anyone talk about investors relief if she would have waited to sell the shares in q3 pretty sure I read somewhere that 2019/20 would be the first year investors relief would be claimable?I think it might have got an extra mark or 2 now that u think about it! But, to get IR you need to have the shares for 3 years from 6/4/2015. I didn’t think the new shares in the takeover would have counted, but now I think they would have :(. Hopefully the use of the next years AEA should still get a couple marks
Does anyone know if/when they post the answers on the acca site?
Thanks abejide09
I’ll let you know if a miracle happens ?All the best to you too.
I just spoke to one ACCA professor and enquired about the relocation expenses in question no 4. It was definitely not living accommodation. It would be considered as relocation expenses only but maybe 3 months of rent might be considered as relocation expenses. Also, if the concepts are right and you’ve done a calculation error somewhere, they do give marks for the concepts and format. I’m just hoping to get the magic figure of 50 and clear this exam. Fingers crossed.
Thought I had done just enough to pass the exam, but reading through the comments….I am thinking the opposite now.
Guess I will have to re-sit in March
@abejide09 said:
How did you guys tackle the 70% 30% sale of residence questionAny help guys??
@abejide09 said:
Any help guys??I did this (could be wrong)
The period which only the owner occupied the house needed to be assigned 100% tried.
The period which the tenants lived there needed to be assigned 70% with the exception of the last 18 months, which always gets 100%.Then apply letting relief afterwards
Does anyone on here know when the ACCA will publish the answers to the December exam on their past papers section of the ACCA site? Pleaseeeeeeeeee
@hassandiamond said:
Does anyone on here know when the ACCA will publish the answers to the December exam on their past papers section of the ACCA site? PleaseeeeeeeeeeI saw on a previous post that the answers and the examiners report are not published until after the results are released.
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