Forums › ACCA Forums › ACCA TX Taxation Forums › *** F6 December 2015 Exam was.. Instant Poll and comments ***
- This topic has 302 replies, 56 voices, and was last updated 8 years ago by david1988.
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- December 10, 2015 at 7:21 pm #290523
I misread every question im begining to think
December 10, 2015 at 7:22 pm #290524hello everyone,
I have some questions with regards to F6 exam, I’ll try to put them one by one:
for IHT question which had following details:
1) a CLT in year 2006 (approx)
2) a CLT in year 2012 (approx)
3) a PET to his daughter (which ended up with some weird costing)
4) and rest of the estate to his wifedeath in year 2015
my question is since item (1) pertains to 7 years prior to death, do we still need to calculate NRB for CLT in item 2? I mentioned about it saying IHT Nil, CLT 7 year prior to death nothing need to be done
Did item (2) qualify for pafer relief of 20%?
item (3) for you also ended up with huge IHT?
of course (4) is exempt from IHT.
Thanks for feedback in advance.
December 10, 2015 at 7:22 pm #2905251 D
2 B
3 C
4 B
5 C
6 A
7 B
8 A
9 D
10 C
11 B
12 D
13 B
14 C
15 DAnyone point out my wrong mcqs..
December 10, 2015 at 7:24 pm #290528The corporation tax was some P6 stuff rather than F6!!!
MCQs were fair. Occupational pension contributions through payroll was sneaky tactic by examiner. I adjusted band rates including that ?
December 10, 2015 at 7:26 pm #290530March and June 2015 exam sittings will be based on 2014-15 I believe.
December 10, 2015 at 7:26 pm #290531@yentam said:
What did you guys do with the chauffeur? Did you ignore it because it’s allowed wholely and exclusively for business.chauffeur means driver and cost of driver is a benifit…so i have added it
December 10, 2015 at 7:28 pm #290533I think this should answer for one MCQ (this is taken from here (https://www.gov.uk/government/publications/chattels-and-capital-gains-tax-hs293-self-assessment-helpsheet/hs293-chattels-and-capital-gains-tax-2015#part-2-disposals-of-single-chattels)
Example 1
You sell an antique mirror for £7,500 that originally cost you £1,500. There were incidental costs of sale totalling £250. The disposal proceeds exceed £6,000.
Calculate the amount by which the disposal proceeds exceed:
£6,000 (£7,500 minus £6,000) = £1,500
Multiply this by 5?3 (£1,500 × 5?3) = £2,500That is the maximum chargeable gain.
Then work out the actual gain. Your calculation will be:
Disposal proceeds £7,500
Minus expenses £250
Cost £1,500
£1,750
Actual gain £5,750Compare this with the maximum chargeable gain and enter the lower figure, which is £2,500.
December 10, 2015 at 7:29 pm #290534I got Overlapping profits on the 30 June date but not on 5 April one, IHT was easy since we just had to calculate tax at death, I got taper relief for one of the CLTs I think, CGT was ok, VAT was just details and stuff not bad, Q5 was tricky yet manageable but Q6 was a disaster for me. Overall it’s upto the mcqs now to save me lol
December 10, 2015 at 7:30 pm #290535The calf on NRB on number 2 had already been done for us (hence circa 92k paid by donor on trust). It then didn’t attract IHT on death as full NRB could be applied to it (and taper relief of 20%). Number 3 was the big IHT payment as all NRB used in 2 above. As you rightly say, not iht on number 1 as over 7 years and other was spouse exemption. Diminution value of shares was calc for number 3 – circa 500k from memory
December 10, 2015 at 7:30 pm #290536Calc not calf – damn autocorrect!!
December 10, 2015 at 7:31 pm #290537@karnalahmed said:
I got Overlapping profits on the 30 June date but not on 5 April one, IHT was easy since we just had to calculate tax at death, I got taper relief for one of the CLTs I think, CGT was ok, VAT was just details and stuff not bad, Q5 was tricky yet manageable but Q6 was a disaster for me. Overall it’s upto the mcqs now to save me lolI got 9 months of overlap profit in one question, is that right 🙂
December 10, 2015 at 7:31 pm #2905381 D
2 B
3 C
4 B
5 C
6 A
7 B
8 A
9 D
10 C
11 B
12 D
13 B
14 C
15 DDecember 10, 2015 at 7:32 pm #290539@chris1975z said:
The calf on NRB on number 2 had already been done for us (hence circa 92k paid by donor on trust). It then didn’t attract IHT on death as full NRB could be applied to it (and taper relief of 20%). Number 3 was the big IHT payment as all NRB used in 2 above. As you rightly say, not iht on number 1 as over 7 years and other was spouse exemption. Diminution value of shares was calc for number 3 – circa 500k from memoryif you are right there then it saves me big headache. cheers dude. thanks for prompt reply 🙂
December 10, 2015 at 7:33 pm #290540@tayyabom said:
I think this should answer for one MCQ (this is taken from here (https://www.gov.uk/government/publications/chattels-and-capital-gains-tax-hs293-self-assessment-helpsheet/hs293-chattels-and-capital-gains-tax-2015#part-2-disposals-of-single-chattels)
It was 7200, not 7500. The net proceeds were 6900 + 300 selling costs = 7200. 2000 was correct answer in my opinion.Example 1
You sell an antique mirror for £7,500 that originally cost you £1,500. There were incidental costs of sale totalling £250. The disposal proceeds exceed £6,000.
Calculate the amount by which the disposal proceeds exceed:
£6,000 (£7,500 minus £6,000) = £1,500
Multiply this by 5?3 (£1,500 × 5?3) = £2,500That is the maximum chargeable gain.
Then work out the actual gain. Your calculation will be:
Disposal proceeds £7,500
Minus expenses £250
Cost £1,500
£1,750
Actual gain £5,750Compare this with the maximum chargeable gain and enter the lower figure, which is £2,500.
December 10, 2015 at 7:36 pm #290542For IHT i just did a calculation for death tax on lifetime transfers. I did not do a death estate calculation this is getting me v worried. I dont remember reading about a transfer to his wife 🙁
December 10, 2015 at 7:36 pm #290544@yentam said:
2880 saving right?Yes £2880 is correct (£4800 x 60%)
December 10, 2015 at 7:46 pm #290556Yup I got the same Muhammad 9 months OL Profit 🙂
December 10, 2015 at 7:48 pm #290561I have doubts about few MCQs
1) one was about 30% penalty I think?
2) In one question I chose 480 as answer, I don’t remember the question
3) About maximum penalty I chose 1 year 100% or something for one question
4) Corporate tax I chose 625,000 / 4 (current years profit) as 4 installments not last years figures. I felt that it’s corporate responsibility to correct forecast their result therefore it has to be current year’s taxability and not last year’s for corporations. for sole traders I remember vividly it is previous year’s figures which are to considered.MCQs which I’m sure I did wrong are one for chattle capital gain, correct answer is 2000 5/3 (7200 – 6000) but I chose it wrongly.
I got NIC MCQ wrong, correct answer was 3808 but I chose 5808. Forgot to deduct employer’s allowance of 2000.
your comment on this please?
December 10, 2015 at 7:49 pm #290562can anyone please confirm overlap profit of 9 months in one question? thanks.
December 10, 2015 at 7:55 pm #290570@yentam said:
1. C
2.D
3. A
4.A
5.C
6. D
7.B
8.A
9.C
10.A
11.C
12.C
13.B
14.D
15.C1D
2B
3A
4B
5C
6A
7B
8A
9C
10B
11A
12D
13D
14C
15D2 other people’s answers</blockquote
Thanks!
December 10, 2015 at 7:57 pm #290572@tayyabom said:
can anyone please confirm overlap profit of 9 months in one question? thanks.Yes i got overlap profits of 9 months cant remember figure tho.
Q6 is bothering me
December 10, 2015 at 7:58 pm #290574thanks Yentam, 30% penalty was the right answer. Looked up at UK tax website and for careless behavior while submitting a tax return, maximum penalty can be upto 30%. This applies to CGT, Tax, VAT everything. so got it right. finally 2 marks confirmed 🙂
Corporate 4 installments as per current year profit seems right as well (as you confirmed)
December 10, 2015 at 7:58 pm #290576In The chattel mcq I got 2000 I think
December 10, 2015 at 7:59 pm #290578thanks sarah. figure was 34,200 if i’m not mistaken.
December 10, 2015 at 8:03 pm #290582@tayyabom said:
thanks Yentam, 30% penalty was the right answer. Looked up at UK tax website and for careless behavior while submitting a tax return, maximum penalty can be upto 30%. This applies to CGT, Tax, VAT everything. so got it right. finally 2 marks confirmed 🙂Corporate 4 installments as per current year profit seems right as well (as you confirmed)
Yes 30% is correct but after 6 months or 12 months from end of tax year?
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