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

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

were the predictions good for the UK variant...? HOPE YOU GUYS ALL PASS !

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

UK - question 4 about change of accounting periods was not a nice question. Found the rest of it O.K.

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.

I did not deduct for NIC, but I messed up with occupational and private pension contributions in tax calculations

<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

Can any one let me know what the roll over relief questions answer was.... Question 3 part B I think?! Was kicking myself when that came up!!!

Have anyone extended basic rate band and how?

Building society interest gross shall we *100/80?

<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.

On the cover page of the answer booklet, you have to mark the questions you attempted; I forgot to do that! Will that make any difference?

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

I found the exam time pressured and ran out of time to go back and add to questions I rushed on

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.

For the UK variant did anyone get Rhonda's income tax as a repayable?

For the share question did any one get 2650 shares ??

<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?

do we have to deduct Occipational Pension Scheme From employment income? secondly i took 50000 as Personal pernsion scheme and extend the bands with this .Is it wrong?

<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 :P

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

I got 6625 shares

in Q1, there was a married couple (John and Rhonda). Did anyone split the property income 50/50 between them? I decided not to as the questions said the property was owned by John, but I was not sure as why else were we told that they were married? It didn't seem to have any impact on anything, if not the property income?

do we have to deduct Occipational Pension Scheme From employment income? secondly i took 50000 as Personal pernsion scheme and extend the bands with this .Is it wrong

I got 6625 too. Gain = (4:0-2.4)=1.6 AEA = 10,600 Shares = 10,600/1.6

<cite>@waleedansari said:</cite> I got 6625 shares

How did you get to this? I'm probably wrong. I took the deemed proceeds I.e the market value, instead of the price she sold to her daughter. Worked out the gain per share to be £4 on this basis & then did the annual allowance of £10600/4

<cite>@waleedansari said:</cite> I got 6625 shares

Yeah, I also got 6625 shares. 2650 is just 10,600/4, so it doesn't take into account the actual gain. ie. Proceeds (Cost) _____ Gain (AE) _____ Chargeable. I don't know if 6625 is right, but I used algebra to calculate the answer. 4X - 2.4X - 10600 = 0 So far, I know I mucked up the Pension Scheme portion of question 1 and I also didn't realise Rhonda's BSI was gross, so I wouldn't be surprised if this was wrong - pays to read the question attentively.

I would say yes, deduct the occupational pension contribution from his salary in the employment income working (only his contribution, not his employer's) as this is a tax free benefit. And because his personal pension contribution was £40k, yes, you'd add a grossed up amount of £50k when extending the tax bands.

Failed

<cite>@charlotteo said:</cite> I would say yes, deduct the occupational pension contribution from his salary in the employment income working (only his contribution, not his employer's) as this is a tax free benefit. And because his personal pension contribution was £40k, yes, you'd add a grossed up amount of £50k when extending the tax bands.

Some people did not OPS from Employment income and DID not take extend band by Personal Pension Scheme.They said that Maximum allowance has already been claimed.

<cite>@geteveryone said:</cite> Yeah, I also got 6625 shares. 2650 is just 10,600/4, so it doesn't take into account the actual gain. ie. Proceeds (Cost) _____ Gain (AE) _____ Chargeable. I don't know if 6625 is right, but I used algebra to calculate the answer. 4X - 2.4X - 10600 = 0 So far, I know I mucked up the Pension Scheme portion of question 1 and I also didn't realise Rhonda's BSI was gross, so I wouldn't be surprised if this was wrong - pays to read the question attentively.

Yeah same like you did