TX*** F6 June 2013 Exam was... Post your comments ***

<cite>@faranjamal said:</cite> There were 4 in the group, because the only rule is >50% shareholding. Residence status is irrelevant. So that makes 3 associated companies + 1 the parent itself.

I got that there were 4 in the group too

<cite>@atab said:</cite> As far as I know the amount invested was lower than proceeds of both warehouses....

I really cannot recall the numbers but during the exam I found that the fist one had a low reinvestment that it doesn't qualify for rollover relief at all, and the second one had a high re-investment.. hope someone will be able to confirm... it doesn't matter, it is in the past! :)

Did anyone add FII to the corp tax question?

<cite>@confused1 said:</cite> Did anyone add FII to the corp tax question?

Yes the dividend from Be Ltd as this was only 40% shareholding so not an associate. Did you?

I got (50000-28000-12000)=10000 as the additional pension contribution qualifying for tax relief, overlooked the "past 5 years"!! Therefore did not include unused allowances in the previous two years aswell. It would have been 10000 x 3 =30000 additional contribution into scheme qualifying for relief. I restricted the personal allowance. With the 20000 extra contribution i missed out, PA would not have been restricted!

<cite>@confused1 said:</cite> Did anyone add FII to the corp tax question?

Yes. One company was not an associated company. Therefore dividends formed part of FII.

I answered this question twice. I used FII and then I didn't!! So I hope I get marks for the one I did. They can't mark down for doing a question twice can they?

<cite>@confused1 said:</cite> I answered this question twice. I used FII and then I didn't!! So I hope I get marks for the one I did. They can't mark down for doing a question twice can they?

No ACCA don't use negative marking

Paper was okay! Personal pension could be used to extend the Tax Rate Bands by 50,000 And in question 3 Part 1,We have to sold 2650 shares and then use annual exemption.. I hope I can pass it,as The markers are good of F6.They check the knowledge and written things.

<cite>@duffielda52 said:</cite> For the share question did any one get 2650 shares ??

Yes and it was right option according to my mentor.

<cite>@puritee said:</cite> Yes. One company was not an associated company. Therefore dividends formed part of FII.

bugger - i added all the dividends as FII - i completely forgot about the non associated company only FII. :(

<cite>@addy007 said:</cite> Yes and it was right option according to my mentor.

if that is the case then i have completely fluked 1 mark lol

10600/4 = 2650 = I seriously doubt that would be worth 5 marks

exactly

still confused about the PET and the £300,000 NRB - was it to be taken off or not?

<cite>@mahoysam said:</cite> I really cannot recall the numbers but during the exam I found that the fist one had a low reinvestment that it doesn't qualify for rollover relief at all, and the second one had a high re-investment.. hope someone will be able to confirm... it doesn't matter, it is in the past! :)

Am I wrong in thinking that the replacement asset cost was lower than proceeds of both warehouses, therefore chargeable gain on both occasions?

<cite>@dannyw1984 said:</cite> still confused about the PET and the £300,000 NRB - was it to be taken off or not?

As mentioned earlier by others, the nil rate band which was given in the Q was not applicable here. Only the death tax was to be calculated as it was a PET.

<cite>@dannyw1984 said:</cite> still confused about the PET and the £300,000 NRB - was it to be taken off or not?

£300000 given to test our knowledge!!! It would only apply to lifetime transfers, CLTs not PETs. On death, NRB is 325000.

<cite>@puritee said:</cite> Am I wrong in thinking that the replacement asset cost was lower than proceeds of both warehouses, therefore chargeable gain on both occasions?

No, you are right. There was a gain in both situations. The amount of gain differed in both, though.

Which question do you think was where you felt you did well and which do you think was your worst question that you attempted or left out?

There was a question on question 4 about trader choosing accounting date anyone know this? Also when it was long period account capital allowance i didnt apportion the actual Capital allowance but i did put it between april and june 2 months............will i lose alot of marks for not time apportioning? Question 2 did anyone get balance charge on special rate?? How did people do there question two capital allowance?

Messed up all pensions in Q1. Lost 2-3 marks in Q2 VAT. Left Q4 completely. Rest was all good.

(Main Pool + Motor Car 2 - Motor Car 3) * 18% (Special Pool - Motor Car 4) Balancing Charge Motor Car 1 * 100% (FYA)

last question chargeable gain will suffer a @ 18% and 28% is it okay i need to know the full answer for question 3 part a

@ (Main Pool + Motor Car 2 – Motor Car 3) * 18% (Special Pool – Motor Car 4) Balancing Charge Motor Car 1 * 100% (FYA) EXACTLY WHAT I DID :) :) but you didn't have to put the cost in aswell right? just deduct from Tax written down values?

guys in the rollover relief question one warehouse hat not all of its proceeds invested in it so the amount chargeable was the gain not invested and the other did have full investment so full relief given

It is very unlike ACCA to do both the same as where would the test be in that??

I think many people messed up the pensions in Q1. I am not alone! I did not attempt Q3a, ran out of time. The rest all attempted but felt did better on Q2 overall. Q4. There was a balancing charge on the s r pool.

The question on the change of accounting date, am I right in saying that we had to subtract 2 months of overlap profits (2/11) from the long accounting period to bring it down to 12 months? Question 3A, I got 6625 shares. (6.40-2.40)= 4, from this 1.6 was an excess gain, thus 10,600/1.6? Anyone get this?

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

No its Already Grossed and Hell now i come to remember i didnt less it from TAx Liability ..............