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So how did everything think the exam went ?
The first question scared me at start with the wording I could not think of what it meant by unincorporated business , sole trader should been better way put it and could not think of any more issues apart from loss relief and fact thought would sell in UK , what did everybody say about the money he was taking from the company.
I thought question 2 was straight forward expect get close 20 marks on that one .
What did people write about the loan between companies apart from transfer pricing rules I was stumped
Also completly forgot what was the vat scheme , I can say goodbye to any professional marks ha
Hi Arm2250:
I think that loan to director one also implied that it should charge the company the same rate as dividend rate 32.5% because otherwise company can avoid the high dividend tax rate and pay dividends as director’s loan for no tax?
I’m completely lost in question 4 though. No idea how to use the numbers given. I think it was also expected to mention that the maximum non trading loss relief is the lower of £50,000 and 10% of total profit ?
Rollover relief in terms of patent to Durn was very confusing. 6.5 marks portion of Q1 was also very confusing
Yep I can say I completely forgot about the 32.5% rule and also about the other rule my head went out of my window
Well that was absolutely awful.
Why is it when you leave the exam room you all of a sudden know exactly what the question was asking but when you’re in there you just have a brain fart!!@BereanK said:
Oh dear! Confusing or what? I think this will be a March job …With you on that one
Guys what have you written for Chargeable gain implications in respect of sale of subsidiary?
I wrote about the degrouping charge as result of the building and sse relief which should be available
Think you had to mention to add degrouping charge to the sales proceeds as NGNL transfer was made within 6 years of sale.
What did people write about sole trader keeping his building on incorporation? I said that the incorporation relief didn’t apply anymore but not sure if that’s right :/
@mansurali said:
Guys what have you written for Chargeable gain implications in respect of sale of subsidiary?Degrouping charge added onto the sale proceeds but gain will probably be exempt under SSE
@jackie41 said:
Think you had to mention to add degrouping charge to the sales proceeds as NGNL transfer was made within 6 years of sale.What did people write about sole trader keeping his building on incorporation? I said that the incorporation relief didn’t apply anymore but not sure if that’s right :/
I put the same!!
@mansurali said:
Guys what have you written for Chargeable gain implications in respect of sale of subsidiary?There should be substantial shareholding exemption as have owned continuously for over 12months within 6 years of disposal.
I said the same that incorporation relief would not be available but there could be ER as it’s a chargeable asset
In Q2 was she supposed to pay the remittance basis charge?
I thought she wasn’t resident for long enoughI did Q2 last so my head was now all over the place as I was time pressured. Wish I had calmed down
@georgemaybury11 said:
In Q2 was she supposed to pay the remittance basis charge?
I thought she wasn’t resident for long enoughCorrect me if I’m wrong. But she left UK feb 17. So would have been uk resident 16/17
Didn’t come back till May 20 So uk resident 2020/21So non UK resident
17/18
18/19
19/20So was only a UK resident for 6 of the previous 9 years. So no remittance basis charge
Atleast that’s what I have put@nieffee said:
Correct me if I’m wrong. But she left UK feb 17. So would have been uk resident 16/17
Didn’t come back till May 20 So uk resident 2020/21So non UK resident
17/18
18/19
19/20So was only a UK resident for 6 of the previous 9 years. So no remittance basis charge
Atleast that’s what I have putRemittance basis wasn’t available for her?
She was deemed domiciled in uk as have stayed in uk since 1999 until 2017?Yh I thought the same, deemed uk domicile as uk resident for more than 15 out of 20 years – only arising available
@nickseaw said:
Remittance basis wasn’t available for her?
She was deemed domiciled in uk as have stayed in uk since 1999 until 2017?You’re right. 15 of the last 20 years. Deemed domicile so remittance only if she remits her income and is more than £2000 otherwise if she remits it
Well good luck to all. Out of our hands now. I felt the exam was fair and hard but doable.
Ah god….. I think I may have missed out a whole decade now !!
I did write about the 15 out 20 years, but went into say she wasn’t so she wasn’t UK domiciledHa. Have to love the exam pressure
I wouldn’t mind. But I know that area inside out. So a stupid mistake. Hoping I’ve achieved the marks around it and if anything just wasted more time than marks
Hey guys. Sorry still thinking about the exam and that 15 out of 20 years , suddenly thinking isn’t there a clause that means Something like ….
If there is no tax year beginning after the 5 April 2017 and before the relevant tax year in which there were a UK resident, then the condition wouldn’t be satisfied?
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