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also that impairment loss for 12 october cannot be recovered as it is within 6 months. Invoice date is irrelevant for this part. Its the payment due date that is used.
@bose12 said:
Thank you. Is there an answer tooNo that would be unrealistically quick.
For the inheritance tax.. What do they mean by “no lifetime inheritance tax were made on this gift”.. and whats the implication of that? We are not supposed to do anything? Or we use Gross or Net amount
You were not meant to calculate any chargeable transfer made during the donor’s lifetime as all were covered by the nil rate band and no lifetime tax on PET he made to his daughter and the last CLT was also covered by the nil rate band. We were only meant to calculate chargeable transfers on death and the death estate and there was no taper relief too
@bose12 said:
You were not meant to calculate any chargeable transfer made during the donor’s lifetime as all were covered by the nil rate band and no lifetime tax on PET he made to his daughter and the last CLT was also covered by the nil rate band. We were only meant to calculate chargeable transfers on death and the death estate and there was no taper relief tooBut I do believe you were meant to calculate the value of each gift during the time they were made by deducting he annual exemptions. So deduction of 6000 from the first gift and second gift but none from the third as it was made in the same tax year as the second which is already used up.
Also you were given the market value at death for one of the gifts. You don’t use that figure at all. Only values at date of gift after exemptions are used.
The question also stated even if the transfer was made within seven years…However if the transfer was made within seven years they would have benefited from taper relief from 20-80% provided that the transfer was made between three to seven years. Also depending on when the transfer was made they could have received the 3000 Annual Exemption as well.
@southstar said:
The question also stated even if the transfer was made within seven years…However if the transfer was made within seven years they would have benefited from taper relief from 20-80% provided that the transfer was made between three to seven years. Also depending on when the transfer was made they could have received the 3000 Annual Exemption as well.i assume you are mentioning question part c.
Mentioning the taper relief possibility will give you 1 mark. The second mark in part c requires the saving to be calculated as it clearly states that no lifetime exemptions should be considered in answering part c.
@aminb001 said:
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f6/exampapers/uk/f6uk-2016-jun-q.pdfI almost had a heart attach… It’s march/june past paper, not june/ half if the questions are not from our paper. I thought i couldn’t remember them?
I did not shade my MCQ answer on the sheet provided, but was written on the answer booklet. Will it be marked ?
2 Which of the following companies will be treated as resident in the UK for corporation tax purposes?
(1) A Ltd, a company incorporated in the UK, with its central management and control exercised in the UK
(2) B Ltd, a company incorporated overseas, with its central management and control exercised in the UK
(3) C Ltd, a company incorporated in the UK, with its central management and control exercised overseas
(4) D Ltd, a company incorporated overseas, with its central management and control exercised overseas
A 1 only
B 1, 2, 3 and 4
C 2 and 3 only
D 1, 2 and 3 onlywas this question on the exam?
@chidozie02 said:
I did not shade my MCQ answer on the sheet provided, but was written on the answer booklet. Will it be marked ?Unfortunately No 🙁 … your answer booklet doesn’t even have your name on it. Let’s hope that you did well on the other 70 mark questions 🙁 ; sorry
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