*** P6 December 2011 Exam was: Post your comments and vote in Instant Poll ***

hmmm……paper was ok…..but a bit lengthy

everyone pls DISCUSS answers now hurry up..

It was a horrible paper 🙁

Very very lengthy paper but better than June11 for me – started with Q5 corp tax then Q3 all i remember was Share option’s approved scheme/ Employment benefits Income tax and NIC and then madness in q1 and 2 – not enough time to finish – all CGT,Income Tax, IHT and VAT,overseas aspects implications in Q2- i knew most the stuff but no time…fingers crossed 🙁 Why we don’t have a proper exam structure ? I looked at CTA exams and case study you do lengthy long 1 questions properly -cant imagine in real life doing a report only half and then jumping to matters other client – unprofessional from ACCA Ethics point of view

Started with Q2 as it seemed the most straight forward one, overseas aspects of income tax and CGT. Then did Q4 only because I saw inheritance tax, the taxation of the trusts was a little bit hazy to me. Did Q5 next mainly by default as I couldn’t remember anything on SAYE for Q3. Q5 was ok though, group relieft and group VAT registration, didn’t really know the answer to the tax relief on interest though.
Finished with Q1 which obviously I didn’t manage in its entirety as the paper was so long, hoping to score some marks on the ethics, cash accounting scheme and loan narrative, rest of my calcuations started blurring due to time pressure :(…..
Overall pretty marginal… First attempt and must admit previous papers looked easier. SAYE and taxation of trusts are towards the outskirts of the syllabus…..
Fingers crossed!!

Same here.started wid Q4 den went for Q5 and den Q2..dese all went fine..was left wid 45 minutes for Q1 wich was damn hard..wrote few things on ethics and loan and cash scheme..in the end messed up wid all the calculations which were worth 15 marks…effectively attempted 85 marks 🙁

I started with q1, it took my 2 hours. Q1 was on CLOSE COMPANIES(i wrote on that). Then q4, it was average question but cant remember its requirements. Then q2; a lengthy question IT liability trading losses, business assets, o/s aspects.
I wrote that the person will remain liable to uk taxes as it was stated in the question that he will hold UK domicile while living abroad. Then attempted q5 in last 15 mins. But not able to write in detail.
Hoping for magical50.

I think that in P6 the best strategy is to start with Q1 and Q2 because in my opinion they require more time per mark as there is a lot of information that you have to put together. The exams are too long but we all know that they are like that and that’s the level required.
Typical exam: some easy marks but other not that easy and time consuming.
UK variant
Q1 and Q2 OK, one thing that I remember now is that the gift relief from his father would become chargeable if the guy, even if employed, left for more than 3 years. And I have forgotten the capital loss brought forward (I think that there was a capital loss, wasn’t it?
Q3 I have mixed up SAYE with SIP, wrong with taxation (writing SIP) but OK with conditions.
Q4 I run out of time, 5 marks maximum.
Fingers crossed

Well like so many others i say the SAYE and skipped it, started with question 4 which i think was the easiest of the lot, did alot of work on Trust as per article in student accountant. I remembered the exit charge of assets leaving the trust and the IHT tax issues, failed to mention however that income from the quoted shared will be grossed up by 100/50. Gutted. also was not sure if exempt gifts to charity affects the nil rate band. Then on to question 1 which started ok but i got confused half way thru, ended up trying to scramble easy marks on it. I managed to work out the upper and lower limits for 2 assoc split between 9 and 3 months respectively, was a wild guess.Then question 2 was fair but did not know how to calculate the cessation loss. Gave it a shot tho. Then finally question 5, mentioned consortium companies but had little time left and my brain was fried so i could think of any way to relief the loss. worked out upper and lower limits and picked up some marks but i dont think i did to well on that question. Hoping for a lucky 50. Second attempt missed 1st one 48%.

left 20 marks, the paper was effin long….i knew most of the answers but the time constraint was too much.

I skipped the SAYE question, probably most people did. Although question 2, 4 and 5 were not that difficult. I did question 1 last and it was the hardest…it took me too long to understand the scenario and make sense of what was needed…Although i skipped part A of question 1 as it was taking too much time and i had too little left.

Frankly i may pass it’s kinda 50:50 for me.

As usual fighing the clock, started with Q4, thought it was ok but spent too much time on it, then panic set in, did Q3 but got mixed up with SAYE and SIP, Q2 was ok but Q1 was my nightmare, saw at about 10 minutes to go the part on loan’s from close companies and did speed writing to grasp all the marks. I do feel it was a far better paper than the June 2011, fingers crossed I’m not sitting again in June

q2 offset of trading losses
guys i just calculated the figure but didn explain..:( was their any need to explain this part…?&
what was the correct answe of income n capital gain tax implication wd resect to OR,R and Domiciled….
i just first xplain th normal rules of cgt n income tax with respect to not uk domiciled….then i said as he want to remain uk domicile so he will be taxed in uk…..is that tru….plzanswerme ..
anxiously waiting for ur rplys