Forums › ACCA Forums › ACCA ATX Advanced Taxation Forums › *** March 2023 ACCA ATX exam – Instant Poll and comments ***
- This topic has 14 replies, 6 voices, and was last updated 2 weeks ago by Alice1013.
- March 7, 2023 at 8:09 am #680350opentuition_teamKeymaster
March 7, 2023 at 5:15 pm #680411velikaendrevaParticipant
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My questions were:
Hal LTD group
Pattie and Arthur
What do you all think about question 3?
I could not think of any additional conditions for the Business Property Relief.
The ethical question was ok, kind of. (accepting new client)March 7, 2023 at 5:31 pm #680412
The first three questions were fine ish. The first question didn’t really require many calculations if any. It had a few elements restricted pre entry, transfer pricing with the no double tax treaty exemption. There was PE stuff in there as well. Inheritance tax was really straight forward, as was the partnership calculation. The housing benefit on four was tricky because it involved a house sale as well and you had to involve that. Hated the csop question – always a question like that that I struggle with I got the time limit and the 30000 option limit, calculation was a pure guess. Business property relief was fine.March 7, 2023 at 5:33 pm #680413
I added the gain between the exercise price and the market value at excercise to the cost of the shares and worked out from there. I feel that was very wrongMarch 7, 2023 at 5:35 pm #680414
As it was a single asset just put some geibberish about if it had been sold on death it needed to be replaced. Two year holding period. It wasn’t a business it was the individual asset of a business so brought that in too. A lot of it seemed to make senseMarch 7, 2023 at 6:01 pm #680418tmavfcParticipant
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First 2 questions were ok, second 2 were a DISASTER. So gutted, EMI/CSOP never comes upMarch 7, 2023 at 6:12 pm #680420
For additional business property relief you need to be business trading assets. Owned more than 2 years anywhere in the world
One question I can’t remember which question it is but the owner rent out the property for his own business use does it count as investment or business asset ?
I do not think GIft holder relief available on investment just confirmingMarch 7, 2023 at 6:18 pm #680421
I got the gift holdover relief investment business – it needed to be a trading companyMarch 7, 2023 at 6:23 pm #680422
With Bpr on the death estate you still need to hold the asset or they need to have been replaced with the qualifying business assets – it sounded right but was probably wrong. Questions 1-3 were fine, the first part of four with the over six year old property so you need to work out the additional benefit. The last part of 4 was a disaster. The PE election was easy irrevocable save corp tax at 6%, can’t gain relief on losses abroad. Ethics was easy too ACCA guidelines, put a little about engagement letters etc. the last of 4 was a disaster. 12 out of 100 isn’t too bad usually have an issue area.March 7, 2023 at 6:37 pm #680423PAMFREDParticipant
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My strategy backfired badly. My Plan was to start from the back to front of the Exam meaning Q 4 3 2 1 but this time March 2023 Exam the Q 4 & 3 were more time consuming so it affected my time management badly. I realised later that Q1 & 2 were much better but was too late so l never had enough time to demostrate my knowledge so l must start planning for June 2023 Exam.March 7, 2023 at 11:17 pm #680457
I went straight to Q1 it seems pretty easy it asked about SSE and Degroup charge capital losses and SDLT which I just refer to the table. then Q2 seems to be need a lot of time but I know how to do it so I skipped it and went straight to Q3 took me most of the time and then Q4 I finished the first half of Q4 because I’m not quite sure how to answer the VAt question went straight back into Q2 asked about capital gain tax and inheritance tax easy marks and still got 25mins left for remaining Q4
I wrote about it needs to pass the 3 test to be fully recover blah blah and part D I calculated the salary for ingrin which is also very easy and compare IT with the profit after deduction of lease. Could be wrong but whatever haha exam is done
Was a decent exam easier than I thought not a lot of personal benefit which I hated the most xDMarch 7, 2023 at 11:29 pm #680458
For EMI it was issued at discounted rate you will have to pay Income tax it is the only tax advantage scheme that need to pay income tax. The difference is MV 7.8- exercise price 5.5 times the share amount which I can’t remember and added to the income of that person then calculate the income tax.
And no capital tax payable if it is an immediate sell
But I think I have missed the part about NICMarch 8, 2023 at 7:35 am #680464
No stamp duty due on the sale of the building as it left the gains group over three years after a no gain no loss transfer
As I say it sounded right – probably wrong lolMarch 8, 2023 at 9:30 am #680475thepeacockParticipant
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Hey guys, I am glad most of us have the same feeling about the exam
I can confirm that, first 2 questions were fine, last 2 pretty difficult — when I got into the third question I had an hour left to complete the exam so already tired and then boom so much info to grasp etc etc.
Anyway best of luck to you, all we need is 50%.
I am done with Tax it is what it is, no point of thinking about it its over.
Also noticed so many questions about BPR I was like come on isn’t the one enough???
I am going to move to my hopefully last exam SBL.March 9, 2023 at 9:59 am #680809
The building was given in 2020~ so it’s within the time limit 3 years when Spa ltd left the group but it’s fine I think it was only 3 marks
I can’t remember the detail now as well haha
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