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but what i think is she had further gifted to her cousin or something i dnt know im confused
in the first part of Q5 – the lady died and her husband who previously died left 40% of his nrb to the lady. The residue is left to the other chap – nephew or who ever it was
Q3:
So i did not do Gains – CGT, i did Sale proceeds – CGT.
https://www.investopedia.com/terms/n/netproceeds.asp
^This was my reasoning and ended up with Alternative 2.
anyone with me?
Net proceeds does not equate to chargeable gain imo
Glad I’m not the only one who found the exam tough I have practiced tonnes of past paper questions and this exam just seemed so hard and fiddly like nothing I’ve seen before!
No I don’t remember that faizi. She made no lifetime gifts. I thought they were spouse” so she had 325@40%+325.
For Q3
This was my cgt for alternative two:
Proceeds 92000
Cost (8000 at £1 par value).( 8000)
Gain = 84000
Qualifies for ER as she was employee n owned 8% shares. Therefore 10% of 84000 = 8400. Net proceeds = 75 600. This was the highest from the 3saffiyyah i did Q3 the same but i didnot use er’s relief that is my only mistake
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I did also the same for NRB available at death estate
325000 + 130000 (325000*40%) which is 455 000 available in totalKassy I think it was 40% of 285000 that you added to her 325000 as that was the nrb at the time of the husbands death.
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I did the same as Safiyyah as the disposal qualifyes for ER (> 5% holdings), > 1 year detention and employed in the company.
I was silly coz I thought the spouse NRB is only valid for about 4 years:(
But nevertheless the husband’s nbr was 285000 in that year not 325000. It was 2006 that’s why. Thus was in the question itself- Topics: 0
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No, Ben you have to apply the available %, i.e 40% to the new NRB at time of death, so 40% * 325,000. I already did the mistake in question practice and the tutors told me you need to appy the % available to the new NRB. I hope it was right.Therefore 40% * 325000
I thought the paper wasn’t too bad – different than past papers but I managed not bad. Question 2 was the only one I struggled with, managed to get through it, so hope I haven’t lost too many marks! Fingers crossed.
Now to finish studying for F8 on ThursdayI agree that Q2 was nightmare but otherwise the exam seemed pretty easy for me, I mean we are not trying to become global prize winners, so I think there were plenty of easy marks and possibilities to pass.
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Yes you are right but you see if it was just for 10 marks or 15 marks we would have been more confident but 25 marks…wih all the tricks here end there…
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