ACCA Paper TX exam was – March 2021 Exam – Instant Poll and comments

Well
Cooperation part question 35-36 was quite tough
Very different from Kitt
First 15 questions were quite easy
But i lost a lot carelessly.
I started with the last 6 questions for saving time
Then i went to senarios
And finally last 15s
But really time management will decrease marks
Hope to pass

I cant believe i changed my answer for the simplied invoice question to customer name and exclusive vat amount, my original answer was tax point and customer name doesnt have to be on a simplied invoice.

Can anyone remember answers to section C?

Did you guys click did not qualify for ir or er relief in that question in MCQ question?

I put did not qualify but I think it does, I was thrown often by the gifting scenario

Hey Jargal

What did you put for investors relief and Entrepreneur relief question, did they qualify or not?

Last question for me there was a share matching question in c, was it for a company or individual? Can’t remember!

I had none of the question you guys mentioned 🙂
For me the exam wasn’t too difficult in general aside from dates and administration which I neglected and there were more questions from this area than I expected. Also, I had a section B question with IHT which was pretty tough for me too, lots of PETs and CLTs.
Part C was easier, both 15 mark question had a lot of profit adjustments, which I was happy with.
Should be a pass.

Burningdesire wrote:Another question I got stuck on was the one where he bought something years ago for 5k and sold it to his son for 20k when market value was like 300k. I put down the gains was 0, is this wrong ? My logic was it got sold under market value to his son by huge margin

there will be chargable gain as proceeds was excess of cost…(20k-5k)=15k…

Corporation tax question I had, had rollover relief at under sale so gain chargeable now is lower of proceeds not reinvested and total chargeable gain. It also had a chargeable gain group sale so nil gain nil loss. It was v tricky. Not like anything in the book.

The ir er question I had I didn’t tick either the person didn’t have 5% of the trading shares, and for ir I’m not sure they were newly subscribed shares.

*pension

Yes and as it’s passed to kids it’s fully usuable

I thought so too!

ryanwilkes1985 wrote:Corporation tax question I had, had rollover relief at under sale so gain chargeable now is lower of proceeds not reinvested and total chargeable gain. It also had a chargeable gain group sale so nil gain nil loss. It was v tricky. Not like anything in the book.

ryanwilkes1985 wrote:The tax planning question was also tricky because mine had employer occupational tax donations. Somehow remembered they are deducted from employer Corp tax calculation but v tricky I think

looks like we both had the same question… relieved to know i applied the same rules that you also did.. thanks for sharing

Both not qualified as the share is 2%(not qualify for ER) and it was subscribed before 17 March 2016( not qualified for IR)