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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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