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Forgot to mention that the election was irreovacable. I put that her residence nil rate band would start to be tapered if her overseas property exceeded £40k since she would get the full value of her husbands estate.
If she didnt elect and husbands death is more than 7 years after transferring 50% of the house does she get to use the full 325k of spouse exemption against the death estate? I wrote something along those lines, not sure if it is right tho
I can’t remember much about the exam lol, it was all a bit rushed. There was a related party question in number 1 wasn’t there (Uk exam)? Did the guy give away 200 shares out of his 20,000 or did i read that wrong? I just included himself and wife in related party not sister?.
On q3, i put that if she chose the remittance basis there would be no charge as hasnt been resident long enough but would lose personal allowance and annual exemption for CGT, think i got a difference of 1600 in the end? Not sure if thats right.
I was pretty annoyed with the terminal loss question on q4 as i’d studied that well but i just went blank, was there any overlap profits can anyone remember? I didn’t put any. I also didnt make any kind of notes apart from the loss memo so i didnt mention the terminal loss i calculated could be carried back 3 years… might have got half mark or mark just for saying it :(.
There was a question about annual accounting for vat, i didnt study that so didnt give much of an answer but i remembered could claim input vat for 4 years prior to registration and 6 months for services so hopefully half marks on that. EIS shares, entitled to 30% tax reducer, crawled back if sold before 3 years, no CGT if kept for 3 years? Overall, i thought it was a fair exam…. i’ve still probably failed but could have been much worse if that makes sense.Re q 4 I think if i remember the final 3 periods had a capital loss then a capital gain and then a capital loss. I didnt note it lol but i think capital losses can only be relieved by capital gains and cant be carried back so i carried the 1st one forward to the middle one. Middle capital gain i set off against trading loss of same year. Last capital loss i left unrelieved?
Can anybody remember much about q1? For 35 marks i didn’t write much. Value of PET transfer, i just knocked off the AE available taking into account previous transfer, was that it or have i messed up? Related party question and then best way to relieve losses unincorporated business. What else was there?
Re liquidation, i put 2 accounting periods where:
1 jan – 31 march and then 1st April to 31 Jan…You are right mark, transfer value via related party transactions
200 shares were transferred and share price was 28£ before and after transfer i think.
£5000 cash will have been deducted from AE
Losses maximum savings as per calculation was offsetting against future year profit £80000. But matters to consider with client was
Timing of relief, uncertainty of future profit, cash flow etc
Aaah yes i havent read that 1st question properly, completely skipped the budgeted next year profits even though i read it so didnt write about it. I remember about a couple of disposals too? One was paintings…. i put it was exempt as cost and proceeds were individually less than 6000 but i then waffled on about whether it could be considered a trade… i thought i better write something lol.
Yeah good point painting could be considered a trade as there quite a few disposable but to be honest due to loads of information provided and less time i was rushing and still could complete 90% exam. Not easy to write about everything.
For the capital allowances in question 4. What did everyone do for the van, put it in the main pool for WDA or AIA?
I thought Q1 part a on partnerships was just to explain how to calculate the tax adjusted trading loss and not relief options?…
shoban wrote:I’m terrible at remembering exam papers & also missing some of the mark allocations so please correct if possible.
I thought Q1 part a on partnerships was just to explain how to calculate the tax adjusted trading loss and not relief options?…
I unfortunately said the same regarding the gift from their Aunt fulling consuming GT3 but ist this wrong?
Gifts from Aunt go under GT2, so their GT3 can still be utilized.
Favourite Niece/nephew relief allows the threshold to go from GT2 > GT1 , thats why i know it should be GT2 for the gifts from the aunt.saladman wrote:I unfortunately said the same regarding the gift from their Aunt fulling consuming GT3 but ist this wrong?
Gifts from Aunt go under GT2, so their GT3 can still be utilized.<br> Favourite Niece/nephew relief allows the threshold to go from GT2 > GT1 , thats why i know it should be GT2 for the gifts from the aunt.Think it was the mothers aunt as I recall so GT3… I think!!
I feel like i have done a different exam to some of these comments and now panicking alot!
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