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I found this paper to be not too bad but i ran out of time and spent far too long on 15mark questions.
There are 2 x 15 marks questions.
One was Patience Income tax computation, and the one was the Ltd company, and the calculation of the corporation tax for three fiscal years.What was the ans to qns no 4 can some pls post if they remember what the question was about
I remember some!
1- Born in 1936, Taxable income of £120000?
2- NIC of someone. Salary 60,000 car benefit 3000?
3- Allowable gift? Voucher, Pen, Food hamper?
4- Private principal residence exemption?
5- Tax evasion/avoidance?
6- Not Revenue tax? It was inheretance tax.
7- market value of shares. CGT with recorded bargains?
8- Interest exempt accounts? New individual savings account etc
9- Corporation tax average rate? 21, 21.5??
10- VAT flat rate?Brain not working anymore. Time to sleep
Q1. Inheritance tax. What was the IHT as a result of death of wiyona?
How was the treatment of part b?as result of her death iht would be 40% of (1,800,000-325,000)
her husband NRB cannot be considered as he died more than 7 yrs ago
Can yuh pls let me know
WHAT QNS WAS THERE IN SECTION B APART FROM THESE 31.IHT
2.VAT
3.CHRGEABLE GAIN AND GIST RELIEF CALCULTION
4.?????????WHAT QNS WAS THERE IN SECTION B APART FROM THESE 3
1.IHT
2.VAT
3.CHRGEABLE GAIN AND GIST RELIEF CALCULTION
4.?????????@opentuition_team said:
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@shyamal said:
WHAT QNS WAS THERE IN SECTION B APART FROM THESE 31.IHT
2.VAT
3.CHRGEABLE GAIN AND GIST RELIEF CALCULTION
4.?????????@shyamal said:
as result of her death iht would be 40% of (1,800,000-325,000)her husband NRB cannot be considered as he died more than 7 yrs ago
Erm… I don’t think I’ve read anything about NRB transfer having any sort of 7 year limitation?
The only limitation I know of is that on the death of the second spouse, there is a 2 year limit to make a claim to transfer the NRB remaining of the first spouse that died.
So the answer SHOULD have included the husbands NRB.
very true can yuh please tell me
WHAT QNS WAS THERE IN SECTION B APART FROM THESE 3
1.IHT
2.VAT
3.CHRGEABLE GAIN AND GIST RELIEF CALCULTION
4.?????????thnx christine you are correct about the NRB I hope i dont get totally penalised about it
as my statement in part b of this question will be affected too
did yuh have to deduct the NRB 325000 from pet of 800,000 as well
For the chargeable gains there was:
The nil cost/nil gain spouse transfer of the house.
The shares on gift relief limited by the fraction business assets/chargeable assets.
The vase, 5/3 chattel rule.
The disposal of the land, with the fraction (a/a+b)* original cost, to calculate the cost of the part soldBeing 100% business use, I deducted it as an expense when calculating the Income tax as a sole trader, but I am not too sure now if that’s what I had to do! lol
@zohaib03 said:
what was the correct treatment for the pension income?Well, I am not too sure but I believe pension income, is still taxable for Income tax, but there aren’t any NICS deducted from that Income
What did you do with respect of the pension contributions??? The amount was above the limit and I added the excess to the Income computation, did anybody do that?
@ehsanshah said:
Anyone on Mcq’s? if u remenber your ans plz share.My MCQ’s were:
C
C
A
D
B
C
C
D
C
C
A
A
D
A
B
Not sure if they are correct. Would like to compare if anyone remembers there’s.
Thankscan some one tell how to calculate the average rate of tax payable if income of 200000(something) iin the mcqs :S
@hjjk said:
can some one tell how to calculate the average rate of tax payable if income of 200000(something) iin the mcqs :SWas this the corporation tax one? It was split over 2 years and the answers were 21% 21.5% 22.5% 23%?
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