TXACCA Paper TX exam was - March 2021 Exam - Instant Poll and comments

dapo11 wrote:Is pension income included in chargeable estate for the the purpose of inheritance tax ?

nope

There was a question on what is important for Output VAT scale charge, something like that. Had to choose 2 answer from 4. What did you guys answer?

Hi, does anyone know if shares are jointly owned by married couple and one spouse owner has capital loss b/f can the other spouse owner upon sale use the capital loss b/f on the capital gain on the sales of the shares?

sonja99bosk wrote:Hi, does anyone know if shares are jointly owned by married couple and one spouse owner has capital loss b/f can the other spouse owner upon sale use the capital loss b/f on the capital gain on the sales of the shares?

you cant transfer the capital losses between husband/wife as far as i know.

I thought so as well, but the section C question said these are 3 measures to optimize the tax between the spouses and one of them was to move the shares to be jointly owned by both spouses but as I think if it now it should be that they only then split income from the shares and no impact should have been on capital gains tax...Unfortunately the second measure was also concerning the shares but it might have been to just confuse you in thinking that then two separate measures must have two impacts, where actually in fact there is only impact in term of dividends...in addition they mention the capital loss b/f from one spouse...

Did you passed your exam?

I attempted the paper,3rd attempt,Good Paper,Fingers crossed for a 50!