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I firstly calculated the Life time tax on the CLT for the trust at 25% as the doner paid it and cfwd amount is before NRB plus the tax – if it had been the donee then it would have been 20% rate adn the baalnce before NRB that is carried forward – after death the death rate becomes 40% but the LTT gets deducted as owed to IHT by the doner estate then the 40000 is given to the sister and the balance to the kids as they were left after death – again the death rate is applied of 40% and the NRB is the year of death – i dont know if i am right but one of us is so good Luck to all 🙂
I included insurance less the prepaid amount for after the year end – think it was something like 6mth insurance that was aprt of the year (if i have the right question).
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Hi sorry to change subject but Diane Martin how did u study law I just keep rewriting the answers from bop revision text. Did listen to lectures but keep forgetting the company law stuff – only three days left. Any advice – is it better to keep writing out in your opinion or to just read and read and read as mike little told me. How many hours did u study in total for law? Thanku and sorry everyone to briefly change subject!
I went through the text but couldnt gwt to grips with it so felt like I was struggling to understand it so I watched the open tuition videos and mike made it easy I remembered the cases and made a summary of which case related to which example and think I got it down to about five cases that suited everything – he made it really understandable to me anf on the morning of tge examI just read all my notes and sailed through it – but wiuld have failed if it wasnt for the lectures on here – good luck remember your latin 🙂
I studied about 3 weeks and find writing it helped me but company law is ok so dont worry remember your veil of incorporation thats a good answer when they give you scenarios about who is responsibke for eg on the face of it xyz are guikty but if you lift the veil its the people behind it that are responsible – dont know if that makes sense lol – in the exam I quoted the carbolic smoke bomb case on a couple of cases as it covers a wide range – constructive dismissal was one if my questions when someone is forced to leave there job I used kevin keegan for that one – you sound like you done enough study it will flood back in the exam and I also found that some of the questions made me remember answers toi other questions. I had one on the courts had to name them and their purpose – cant remember what else but just keep writing it will all come back you will manage fine 🙂
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Thank you so much – feels like so much info to remember, i really appreciate your advice thank you
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Just stopped reading the text and going to listen to the lectures again- did you just listen to them ounce? Can’t remember how long they all lasted hopefully enough time to get through them all now. Is that what you did the weekend before just listen to his lectures again? Last question
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Please Question 1a, decorations for the office were not allowable were they? The notes stated that the building was in a usable state when rented. I’m really hoping to get some good marks on question 1 considering the fact that I spent all my time on it. About 75mins.
Does anyone remember what values they used to calculate the death estate in question 5?
I watched them once – they are about thirty minutes each but I found them better than the books I bought I didn’t even do the practice questions from the books just watched the lectures on here 🙂 good luck let me know how it goes 🙂
Death estate is calculated at 40% tax – the lifetime CLT was 25% because it was the diner who paid it 🙂
I took the business portion of the decoration as the question said that only a % was for private use which meant the rest was business but I could be wrong 🙁
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Yo must have an amazing memory! what percentage did you get? Did you write the answers like they are in the bpp book or as mike little tells them?
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Decorating the apartment i did not allow for, decorating the restaurant i did allow for.
I didn’t get a high pass just 66 or 68 can’t remember – I wrote my answers in normal speak used mikes explanations as I found them easier to understand he made it easier for me – couldn’t get to terms with the law speak in the book . I did learn all about the courts system that helped as when I wasn’t sure of the answer I was able to explain what court it would be going through and why (like civil or criminal) so maybe that helped a bit and i never had more than a page per answer some folk in with me said they wrote three pages for one answer so I thought I had messed up but I didn’t 🙂
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Thank you for all your advice- that is a great mark, I would be very happy with 51!
i agree with you on all u ve said..surprising that typical first income tax question was jxt for 7 marks
The exam was Good … but I had poor time management and I believe attempting whole the questions required at least three and half hour plus 15 minutes reading and planning time.
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Please does any1 know wen acca will release d solutions to this exam questions
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