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anyone got CGT in Sec B? What was the answer for 360k taper relief? I think we had to use 80% and the answer was something like 5600?
Also in CGT (Sec B) we had to calculate the number of months for deemed occupancy or something was it the 2nd option? Something like 190 months or 193?
In Sec A did someone get an MCQ with the options 0, 40k and 50k in 3 separate boxes? I forgot what the question was, but I chose 40k for both.
What was the answer for the last mcq in Sec B for VAT? Something for unprompted disclosure and in the scenario it mentioned that they didn’t make an error deliberately? We had to choose an option for reduction in VAT percentage?
For the section B VAT reduction question I chose 100% discount and £0 penalty because it was careless and within the timeframe, but I also felt I rushed the exam I might have overlooked things that I wouldn’t normally. Genuinely no idea how I did. I felt prepared but also felt like a rabbit in headlights in section C, I was overthinking everything
same, I used £0 penalty but 70% reduction I think? Don’t know how I concluded it to 70% though.. lol
Section C was crazy with income and corp tax all over the place.. wasn’t expecting all 3 CRs to be just that
Yeah I think it said he discovered it so I took that as unprompted but who knows with these questions, sometimes there is a trick. With the IHT yeah I did the taper relief of 80% too. And I think the exempt month overseas was around 190, but I was a bit thrown off by the 10 year overseas secondment. I remember the £40k or £50k question boxes but noooo idea what was it haha, can’t remember the what I chose.
What was the taper relief and due date you guys selected for the secion B IHT?
I selected 20% and due 31 Jul 2024
Anyone got that income tax question with overlapping profits? Ive never see that before
I remember reading somewhere that those b/f overlap profits will not be examinable for this Dec sitting so really confused when seeing them. Anyways, I just simply deducted them from 9-month ended 31 Dec profit.
Did anyone got IHT question where there were 4 gifts with 100k each. Was the NRB remaining 25k or 0?
Total NIC payable where there was b/f trading loss. Did you guys deduct the b/f trading loss?
Apparently deducting them was correct and i ended up adding them instead.
Its crazy because i never saw of heard of overlapping profits before
For NRB remaining i selected 0 because they asked for the NRB when calculating the chargeable estate.
I assumed that the 25k NRB was used when calculating the Death TaxAlso what did you get for the tax savings question with Naomi and her husband?
I got 1.3kMine was like around 11,200 for the taper relief!!! Now i’m feeling anxious reading the comments! :((
For the deemed occupation, i think i answered 129 ….
In section C in the question that we had to populate the excel tables, i did not have enough time to read the question carefully, does the question mentioned that the parent company want to proceed with group relief to the associate?
In the section C, The question mentioned that the couple has a joint account with savings income of 6,000 but did not specify what percentage belongs to either party. We had to break it down ourselves and consequently assume that 50% (3,000) belongs to Michael and include it in the calculation of the Personal Allowance? thanks in advance !!
Yes, even I got 129 for the exempt occupation period because it was mentioned 10-yr secondment elsewhere in the UK, meaning that only up to 4 years is exempt for employed reasons.
I remember the question saying that the Parent co wants to relieve loss as early as possible, so I guess that implied relieving the loss agst its own profit as well as group relief.
Yes, I did that as well. Since no ownership % was given, the joint savings interest income must be apportioned 50:50 . We must include this interest income in Michael’s PA calc, but nevertheless Michael was already an AR taxpayer before that interest income, so his PA calc was not really necessary.
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