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@david1988 said:
Did everyone use ER for the disposal of the 10% shares where they were also an employee? I notice it said underneath the 2nd disposal of shares (1/4 up rule) that ER and holdover relief were not available so hope that wasn’t applicable to the first shares too.That’s what I did too but now that I think about it, was not sure if er wasn’t allowed on both parts.
I think it was only referring to 2nd disposal where she took on the MV of the shares at time of gift. No way would they have told us about the >5% and being an employee if we were not supposed to use it. If they did I think that is very unfair.
@mynameisearl said:
With the cash basis question i didnt deduct capital allowances but i didnt do anything else as an alternative either. I just guessed the cash basis one.Cash basis is slightly different for mileage. You take the flat rate of 45p per mile instead of motor expenses
Yes, I got a balancing charge (because the proceeds they received on sale of the cars were more than the TWDV of the cars – i.e. capital allowances had been ‘overallowed’ in the first year). This increased the loss (I think, anyway!).
@yentam said:
Hi did anyone get a negative capital allowance for the 4 month period in the final question? Did you add this to the trading loss for those 4 months, which reduced the trading loss. Thanks!- Topics: 0
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@samirrules said:
That’s what I did too but now that I think about it, was not sure if er wasn’t allowed on both parts.I treated the first disposal as being eligible for Entrepreneur’s Relief.
@dskinner83 said:
For Samson, When I took the £4800 off, I adjusted his personal allowance as well. His income would have changed so therefore so would his personal allowance as the income was over £100000.What did people put for the MCQ on groups – I don’t know if I misread the question, but I just couldn’t see an answer to fit what I thought was right.
Great spot on the PA – totally missed that. MCQ on groups – ‘only Pie’ springs to mind…
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Me too – hopefully them saying in the second disposal that er is not applicable was a hint
@yentam said:
I think it was just the one group sub (cant remember the name) as the others were either less than 75% or not an effective 75% group sub.Agreed. “Pie” springs to mind.
@yentam said:
What did you guys do with the chauffeur? Did you ignore it because it’s allowed wholely and exclusively for business.Did it say she only used him for business purposes?
(ooh, matron)
@lynnecart said:
Agreed. “Pie” springs to mind.Yes Pie was the only one greater than 75% so answer was D
@flapper84 said:
The value of the shares received by Marcus’ daughter was 30000 x £5 (£150,000)The tax payable was £228,000
Crazy huh?
Disagree on share value – the transfer of value was £500k-plus. You value the holding before transfer, and the residual holding after transfer, and the difference is the transfer of value to the daughter.
@mynameisearl said:
i guessed the cash basis. But now i have been on hear i know stupid mistakes ive made and feel really bad about the exam nowYou only need 50% to pass – don’t stress, it won’t change the result.
@dskinner83 said:
I thought 6 months and 100, but I wasn’t completely certain.Was definitely 6 months. I guessed 100% – have never seen a 50% penalty mentioned anywhere but 100% pops up quite a lot.
@flapper84 said:
The IHT MCQ was £10000 wedding gift to a friend. I thought 3k annual exemption for current and prior year then 1k wedding gift exemption leaving the gct £3,000. Anyone else get this answer?Yep.
@chantie123 said:
i didnt time apportion car either but to be fair, they didnt mention how many months the chaufer was used for. i did nothing with the approx. 9k paid to the chauffer. In terms of the 250 charity i x by 12 and got 3,000, i used this and the 6,000 gift aid to extend the tax rates.i didnt do question 6 🙁
i had a loss in the shares exercise where the Dad gave shares to daughter.
i hope i did enough, cant go through this again.
You don’t have to apportion the figure of chauffeur .. we take full amount ?
Can anyone tell me what they did with the assesment question? i think they were onl,y asking for two years so there will be one overlap profit? we dint have to take cyb of last year right?
@lynnecart said:
Disagree on share value – the transfer of value was £500k-plus. You value the holding before transfer, and the residual holding after transfer, and the difference is the transfer of value to the daughter.Hi Lynne, the transfer of value was £570,000. My post was referring to the value of the shares that was gifted to Marcus’ daughter only being worth £150,000 to her but upon Marcus’ death she would have been responsible for paying £228,000 tax bill…I know it’s not relevant to the answer but just pointing out how crazy that would be.
I deducted the loan Delilah took out to fund the Partnership from the assessable trading profit but this should have been deducted as a qualifying interest payment on the IT computation. So many things to remember with tax
I think last question of corporation tax was a little bit tricky because the company was in the duration of cessation in this case no AIA, no WDA and no FYA and the company will get balancing allowance capital allowance, just do the math
@inverter said:
A tough paperHi All, I have just been on the ACCA website and it seems they have released the hybrid paper for Sept & Dec 15 sitting.
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Can you post the link?
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Managed to get through section A in reading time + 5 mins. i got the chattels question wrong .
I did the rest of the questions in order.
The VAT question i found very hard.
Q5 ate up a lot of time but was doable.
Q6 i rushed as only had 15 mins left.One of the answers to one the of the questions was 2880 as it reminded me of income tax, 2880 @10% for income if from savings.
Hopefully did enough to pass!
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