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Very different to past papers. What figure do you use for the chargeable gain when gifiting the house? and the value of cost of the 7500 shares in the takeover.
Maybe at best scraped a pass, fingers crossed. A lot harder than last papers especially VAT and CGT.
Also was the £3,000 gift to her daughter, class as normal expenditure or did she use up her annual allowance?
Shares takeover sounds like paper for paper transaction
As such no CGT arises on this transaction as no cash involved.
You’d need to apportion the cost to preference and ordinary shares.I treated it as a gift, but I do wonder what’s the right answer to it. And there was another question where they asked to calculate the unused Nil rate band after the death of the spouse. They had given £300,000 as NRB for that year. Do you remember that question?
For the 7500 chargeable gain, I thought it was a question for underselling, and kind of did as one of the examples in the Kaplan textbook.
Sec C
Ques1:
I got something about renumeration 8000, ops 32000…find corporate tax liability with only two piece of info? Then income tax liability with gross salary 200000 n ops 55000. Tax savings and implication of income tax liability, corporate tax liability n NICQues 2:
– tax adjusted profitsQues 3:
-Chips Ltd’s Taxable income from employment income and property incomeMcqs
IHT, VAT.. Any1 got same as me?Oh if they asked to calculate that
I have not seen the question as I have not yet sat it.
But I would say since a spouse is involved you would have to check H or wife unused NRB and then apportion that to NRB of 325 of the current yearNow that I’m trying to remember the question, I believe that the spouse hadn’t used up any of the NRB but there wasn’t any option for £625,000 so I believe the demise of the spouse was more than seven years ago?
There was another one for the limited number of shares to sell to achieve a certain chargeable gain, do you remember that question?
Yep for Q1 I would also be looking at if it was OPS contribution remember that is deduction to salary and then test ANI is it above 125000?
If so then you gotta adjust ANI reduce the PA
So work out with no OPS
Work out with OPS
What is the tax saving
And what is CT savingThat one I would take the
12,300/ (gain/total no shares)
That way you realise enough gain to cover Ae and gift the rest.
But the majority of the question in my paper was of VAT and surcharges. I wish I had prepared it better. Could’ve easily scored solid marks 🙁
I just realised I never once used AEA in my exam and I’m thinking was it because I made a massive mistake but I guess it’s mostly because I wasn’t asked to do a gains computation myself. I was asked base cost or sale proceedings or given the gain directly except for the last question Sliving Ltd total taxable profit computation question. I think it was easier than I expected or at least easier than the mock but overall there were few questions I had never seen before. For example I had no idea what difference it made to have dividend income after retirement
Any one any idea how many marks will I lose for subtracting benefits from employment income instead of adding them? It was a 6marks question an I messed it up.
Calculations of benefits are right.I’ve never worked so hard at an exam and been so brutally underprepared. I hated the paper, I was done in an hour and a half but just because I had a better chance at stabbing in the dark than I did trying to use any actual knowledge. I tried my hardest to try to salvage anything, but I know it’ll be a retake. So annoying to get this far through and to have never failed an exam but hey.
I wanted IT and CT to come but but it felt like all my questions were admin or just really weird. There was something about progressive tax and I hadn’t even come across that in all of the studying I had covered. It was just a weird paper, nothing like the mocks I had seen.
Got 15m CT liability question. I felt it was straightforward enough but not sure anymore, only capital allowances required attention and that is just too easy for a CT question. 10marks one was basis period and admin VAT/NIC. IT Q was FHL (property income) plus employment income calculation for spouses.
Sec B, I also never deducted AEA for CGT. Really stressing out over that fact.
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