*** F6 June 2013 Exam was… Post your comments ***

for malaysia variant, it was kinda straight forward. hope can score well

singapore variant question 2 was overwhelming. the rest were ok i guess. pretty standard.

hope i pass

For UK Q1, when calculating NICs were we to deduct the occupational pension contributions first?

I did that originally, then second-guessed myself…

Felt that it went OK in general. There were a few curveballs in the presentation of questions, etc, but it wasn’t a nightmare.

<cite> @geteveryone said:</cite>
For UK Q1, when calculating NICs were we to deduct the occupational pension contributions first?

I did that originally, then second-guessed myself…

Felt that it went OK in general. There were a few curveballs in the presentation of questions, etc, but it wasn’t a nightmare.

they were not to be deducted as it was said that he has reached his limit allowed for the year and so it would be considered as an income

Have anyone extended basic rate band and how?

<cite> @wajiman said:</cite>
they were not to be deducted as it was said that he has reached his limit allowed for the year and so it would be considered as an income

So in the income tax comp, £28K would have been considered income?

I hadn’t considered that the occupational scheme would utilise the annual allowance, too. Wasted marks there, then.

Actually, I don’t think the wording of the question specifically mentioned that he paid £50K into a private pension scheme, just that he maxed out his allowance. So, presumably he paid £22K into the private pension on top of the £28 into the occupational? So that there was no annual charge?

Either way, I messed it up.

Last 3 years leftover allowance was also available. So that increases the amount of contribution.

<cite> @nataly1986 said:</cite>
Building society interest gross shall we *100/80?

No I left it as it was because it said that it was the gross amount therefore no need to gross up

I had thought that the question specifically said that he had NOT used his annual allowance, (which is £50k per year for both personal and occupational contributions), because he had not made any personal contributions previously, and had only contributed £28k himself + the £12k employer contribution per year?
You can carry forward unused pension allowances for 3 years, provided you are a member of an occupational pension scheme – which he was as we were told he had made this same £28k contribution for the past 5 years.

Thus, he would have made a personal contribution of £40k during tax year 12/13, no?

Tax year 09/10’s unused allowance (£10k)
Tax year 10/11 ‘s unusued allowance (£10k)
Tax year 11/12’s unusued allowance (£10k)
Plus current FY 12/13’s unused allowance of £10k

editted: atab correctly pointed out that employer contributions also use up the £50k allowance, which I had unfortunately excluded during the exam.

<cite> @geteveryone said:</cite>
So in the income tax comp, £28K would have been considered income?

I hadn’t considered that the occupational scheme would utilise the annual allowance, too. Wasted marks there, then.

Actually, I don’t think the wording of the question specifically mentioned that he paid £50K into a private pension scheme, just that he maxed out his allowance. So, presumably he paid £22K into the private pension on top of the £28 into the occupational? So that there was no annual charge?

Either way, I messed it up.

As far as I know both employee and employer contributions use up the annual allowance…..therefore is employer contributed 12000 to the occupational pension scheme and employee contributed 28000 to the occupational pension scheme….that leaves 10000 of the annual allowance of 50000 remaining….u are also able to carry forward any unused amounts for 3 years….seeing as they contributed the same amount for past 5 years then you were able to carry forward 30000 from previous years (10000 x 3 years)…

<cite> @bindugorasia said:</cite>
For the UK variant did anyone get Rhonda’s income tax as a repayable?

Didn’t the question ask income tax liability and not payable/repayable?

<cite> @bindugorasia said:</cite>
For the UK variant did anyone get Rhonda’s income tax as a repayable?

Yeah i got a repayable figure in the 400’s i think

I left the interest as it was since it was already grossed up, if it was net it would of been 100/80 to get it to the gross amount i think.

I had £10k per a year of pension contribution unused but took the whole five years instead of three. The stupid thing is when i read through it the first time i though it would only be three but when i did it i forgot -_-

Im not sure weather the above is right though but thats what i did 😛