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Oh I remember now…. I put the same Sarah the options were trading income, property income, dividend income and building society income. One of the answers was trading income, property income and dividend income but I was pretty sure you don’t need to file a return for dividend income? Can anyone verify?
Also the mcq about losses. I use cy and then carried back i think. I remember i was able to relief the whole loss. But that just felt too simple to be right
I put 1500 too for that question (5/3 x 900) thankfully none of the answers were 5/3 x 600 as I would have been unsure whether to deduct the 300 selling fees before applying the 5/3. Thanks examiners for that one!
Foe the CGT mcq i used £6,900-£6,000 x5÷3. I might have read the question wrong as thought £6,900 was before deductions.
I too relieved the entire loss on MCQ it felt like a trick but pretty sure it was right
Anyone else take the exam at Excel London? It was my first paper exam and I wasn’t expecting so many people! Huge room
Q6. I feel very worried about my answer now. I divided UL & LL by 19 not 20 that was very sneaky. some how my ttp was above the UL and im not sure why now. I did deduct the loss from the other company but not for the 4 month cap. This means i did not do a MR calculation im fearing loosing lots of marks. I really misread this question.
I am also not sure if anyone else did entrepeneurs relief on the first of the two share options.
Back to the Samson and Delilah question; on part B I concluded that by moving £4800 of the savings income from Samson to Delilah there would be a 15% tax saving because tax applied to income between 100k and 120k is effectively 60% where as Delilah’s additional rate of tax is 45%. 15% x £4800 = £720 saving. I didn’t have time to check this though!
@tinaboy said:
Even if you used 19 Marginal relief would requiredMy ttp must have been too high but i cant remember what it was. And i thought i had taken off the group losses. But i just cant remember what happened now.
@flapper84 said:
Back to the Samson and Delilah question; on part B I concluded that by moving £4800 of the savings income from Samson to Delilah there would be a 15% tax saving because tax applied to income between 100k and 120k is effectively 60% where as Delilah’s additional rate of tax is 45%. 15% x £4800 = £720 saving. I didn’t have time to check this though!All i know is i forgot to make an adjustment to PA for this.
Ah damn it, we really need to see those questions again. I was banking on getting at least 13/15 on MCQ because the written ones were tricky.
Hie Sarah I did only one who had been with the company since 2005 and had 10% holding .i thought that criteria alone is enough to qualify
@yentam said:
was the question asking about the tax saving for the both of them or just samson? I can’t rememberIf it was just sansom I think I have made the classic mistake of not reading the question properly.
2000 as gross proceeds were 7200. I.e 5/3 X 7200 etc. 6900 given in question were net proceeds, not gross proceeds.
Correct.
It was Samson and his personal allowance changed (increased to 4000 from 1600) and therefore he saved tax.@yentam said:
really bugging me the ques with the non wasting chattel. sorry to keep harping on about it but if someone is 100% sure on the answer. Is it 1500 or 2000? Thanks
Also ER is used for the 1st capital gainI need to see the question again as i think now i misread it. I used 6900 but now i am unsure i read this right
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