*** P6 December 2012 Exam *** Instant Poll and comments***

@lee you have cleared p6 that’s why you are saying all this
We know better then you , we have also practiced past papers and all that

To be honest , what they tried to do this time ?
Nil rate band in rates areas? What the hell was that ?
Just because of that I thought their is no such info how can I do the IHT but here someone said that IHT rate which is usually given in the question info was in rates section ? You don’t need to hide the digits to check someone’s capability to perform ! But a cheap way to confuse the students

@haylee69 said:
Nrbs are always in the rates tables on every single paper! You should be aware of what is given so you know what you need to remember.

On second glance the paper was actually ok but very pressured in 3 hours 15 mins it’s easy to look back at a paper you havent done and say it’s ok but the IHT question was alot to handle for just ten marks if you can’t do it with your eyes shut!

If there was more planning time I think people would do better, there’s no way you can read all 5 questions properly in 15 mins.

Haylee u r right
But It’s really disappointing when you do something wrong in the area u r quite strong. Just of nil rate band I left that otherwise I knew there was exemption , NRB 25% rate . Then 40% rate at death deducting tax paid in life. I can just curse myself for doing that blunder 🙁

I calculated a degrouping charge for Q1. Im now convinced this is incorrect as the initial asset transfer wasnt done at nil gain/nil loss.
Did anyone else calculate a degrouping charge for Q1?

Just a point about the examiner stating that experience of working in the tax department is required in order to pass this exam – I think this is complete nonsense! A few years ago I worked for a top 8 firm in London and studied for the ICAEW exams. My experience in the tax department was pretty much doing simple personal tax calculations for private clients – sorting out bags of receipts and invoices to prepare sets of accounts and tax calculations. Also completing the odd VAT return for a business client. The 3 month “experience” in the tax department did nothing to prepare me for a difficult tax exam. Ok it was useful for an exam like F6 or the CA equivalent, but the experience did nothing to help with this ACCA Advanced Tax exam. I was supervised most of the time, dealing with pretty simple basic tax work, and I did not get exposed to any detailed IHT or complex CT calculations for example. This was reserved for those who were based there full time, those more experienced and qualified and probably had a specific tax qualification. I am sure my 1st year tax department experience was similar to many other trainee accountants in other firms – my practical experience of working in a tax department in no way prepared me for the questions in this specific tax exam.

I believe going through the study text and doing lots of question practice is enough to get anyone through this Advanced Tax exam. Relevant work experience is not a prerequisite.

Too much to read to figure out what each question is asking. There are other ways to test a subject area without adding so much drama in the limited time available.
I know I made a mess of this paper again. I need help!!!! there must be a better way.