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Yes that is correct 😀 oh yes might scrape this!
Yes that is correct 😀 oh yes might scrape this!
Fingers crossed we both scrape it!
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@cristina85 said:
q5 – should have been 325*70% – husband’s nil band and her nil band is reduced due to PET did 1 year before death..tricky one !!!thats correct! I made a mistake of using the wrong Nil rate band at the time of husbands death, it would be CURRENT year nil rate band.
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@vjsharksn said:
can any one plz tell me that Q.1 employment income? did he left the employment? i mean? did i made a mistake in reading question properly??? i thought he was employed through out the year so i took whole year salary!I had the same concern too, as there was no mention of leaving the employment with 3D Ltd, however a hint was given that accommodation was provided for her thoguhtout tax year 2010/11, so I treated that she remained the employment throughout as well.
Can i ask someone about the sale of the special rate car for more than was in the special rate pool would this be taken as a balancing credit? (corp tax question)
HATED HATED HATED the relief question i just cant seem to get them in my head at all
IHT i thought was decent
Income tax ago
and i had a full on melt down on capital gains i dont think i have passed it and its frustrating sinece last time i got 48%
Just cant seem to get a break with this exam guessing ill be back at xmas!!! i may need some more direct help
@pauljaco ..
Yes.. There was a Balancing charge arising from the sale of that Car.. and it had to be deducted from Total Allowances.
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This exam was a disaster for me because it had so many elements and tricks in it for mistakes to be made in the time allotted. I think question one had 6 topics in it OMG!!! income tax, employment income, property income, sole trader, partnership and VAT oh come on now.
the 220000 will not be deducted form 552500 as it was in the same year.the rule is to deduct GCT of previous seven years and it was made nov 2011 just six months back.two marks will be deducted.
@maklaijunaid said:
the 220000 will not be deducted form 552500 as it was in the same year.the rule is to deduct GCT of previous seven years and it was made nov 2011 just six months back.two marks will be deducted.Hi maklaijunaid,
I think I understand now what you are saying. Correct me if I’m wrong, but your interpretation is that you look back the previous 7 tax years (not including the present one) to see if there have been any chargeable transfers made.
My interpretation is that you literally look back 7 years from the date of death. Therefore, if someone dies on 20/12/2012, you look at the period running from 20/12/2005 to 19/12/2012, and see if there are any chargeable transfers during this period. Clearly the PET made on 7/11/2011 fall within this period.
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The paper went okay i guess…… I do not think i did ANY question 100% correct, though. 80% max …..
I just wanna pass, dont want any fancy 70s or 80s marks. just a 50 or 50+ and ill be happy.!
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paper was not too difficult,,,,it was ok… but i made some mistakes in hurry..:(
ther was a lot of pressure on me…bcz it was my first manual exam…
but hope 4 gud..
May Allah wil Give reward of my struggle … Insha Allah
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