Exam Tips!!!

P6 Advanced Taxation

BPP says:

Income tax
• Pension contributions – tax relief
• EIS/VCT schemes
• Income tax losses
• Accrued income scheme
• Personal service companies
• Termination payments
• Share schemes
• Overseas aspects for individuals

Capital gains tax
• Small part disposal of land
• Takeover/reorganisations
• EIS reinvestment relief
• Damaged/destroyed assets
• Leases/wasting assets

Inheritance tax
• Death estate, treatment of lifetime gifts
• Quick succession relief
• Gifts with reservation of benefit
• Variation of will
• Payment of IHT
• IHT implications of transferring property into a trust

Corporation tax
• Research and development
• Intangible assets
• Liquidation/winding up
• Consortium relief

Value added tax
• VAT groups
• Imports/exports
• Partial exemption
• Treatment of VAT on disposal of buildings

Kaplan says:

• Capital allowances: new rules for cars
• Capital Gains: incorporation relief
• Inheritance Tax: business property relief
• Benefits: share option schemes;
• Personal financial planning – ISAs

LSBF says:

• IHT with the death estate including BPR and valuation rules. Transfer of unused nil rate band between spouses and gifts with reservation. Changing the will after a person is dead.
• Extended relief for companies carrying back trading losses.
• Incorporation of a sole trader/ partnership business
• Mergers, takeovers, reorganisations.
• Employment income – share options, share incentive plans and taxable and tax free benefits
• A person setting up a business making losses and deciding whether to run the business as a sole trader/partnership or company.
• Partnership – with wife being employed or being introduced as a partner
• Partial exemption for VAT.
• Purchase of own shares by a company.
• Personal service companies.
• Ethics