*** P6 December 2013 Exam was.. Post your comments ***

Q1 and Q3 were lifesavers – masses of marks to be picked up here. Struggled for time on the other 2 which could be the difference between pass and fail. Relying on those professional marks now!

Definitely passable people….

terrible paper ,this kind of paper is never easy to pass,there are thousands of topic in p6 that should be tested but examiner choses partnership,salute to his brain,..!

Exactly J,
Q1 and Q3 were life savers.
And I did these 2 first then 2nd and 5th.

TIME TIME TIME !! Ughhhh !!

Time management is killer in these papers.

It was a tough paper but at the same time not too bad, I started with Q3 and then did Q4, then Q2 and left Q1 till the end.

Q3 was really nice in inheritance part but not so nice on EiS except for the conditions, did anyone get a loss for the shares?

Q5 Vat Partial exemption was ok, De minimis tests, I worked out all 3 tests and the company didn’t satisfy the tests so couldn’t claim the VAT on exempt supplies, the second part about overseas establishment was good what was the last part about?

Q2 part a was a heaven, there was lot of mistakes made by the assistant, like disallowing an approved share scheme which is allowable and including annual exempt amount which you don’t, also using 5 months of losses when the sale was agreed after 3 months.

What the hell was that about close companies for 5 marks? If there was a loan in there I would understand but 5 marks? Part C on transfer pricing was good and annual accounting VAT scheme was ok.

Q1 man, I could of done better at it but was running out of time, don’t think I got much of the professional marks oh well, 1 mark for memorandum. Ethics part was ok, as well as confidentiality I talked about how we need expertise in the complex areas as we will be dealing with complex tax affairs. Part B Capital allowances I talked about balancing charge and allowance but as we wasn’t given tax written down values, wasn’t sure how to apply it to the scenario.

The part on CLT and trusts were good with 6% exit charge if assets are taken out of the trust and how gift relief applies.

14 mark question I messed it up a bit as I was running out of time but said she should disapply the incorporation relief as the gains qualified for entrapreneurs relief but didn’t have time to calculate base cost of shares.

Overall hoping for a pass, This is the only paper I got left and today was my 3rd sitting, only time I failed apart once on P7, This paper is a beast.

Good luck to everyone and happy Xmas let’s relax now.

I also calculated the upper and lower limits again and took marginal relief although it wasn’t much lol.

I always thought entertainment is disallowed? Also there wasn’t AIA was there

sorry yes ugras05 AE on the degrouping charge my brian is frazzled.

No it wasnt much at all must still worth a mark.

There wa allot of marks for small things that was really hard to get the marks for. Like gift with reservation 5 MARKS???? 4 at the most and then Close companies…. again 5 Marks.

Can you remeber how the marks were allocated.

I had a few crossings out on my paper and reworkings all over do you think it matters?

UK Entertainment is nott but overseas is.

i didnt say anything about that one but you could be correct.

Yeah i think there is enough to talk about i said how it would be charged twice once as a pet and then again on her estate but i showed the rules for the working either included in death estate or not and then which ever would result in the highest.

Did you have a max EIS relief as £50000 and then stated that if the shares were sold there would be a charge of this amount then say if they were sold within 3 years there would be a charge to CGT on the shares sold also. if that makes sense

i think i have done rubbish on Q1 there was to much going on for my liking. i think i got max of 15 on that one including professional marks

There wasn’t requirement for death estate on part a though right? Just the lifetime tax on shares, also Taper relief was available and her husbands nil rate can be used.

Does anyone remember Q2’s loss of Eagle Ltd? What I did was I pro-rated the loss of Eagle Ltd to 5 months bcoz the other company M was disposed on 31st december therefore the consortium ended on that date So i took relieved the loss from aug to dec (5 months). Anyone else did the same? Or am i wrong?
Secondly in q3 the wife marina’s nol rate band was her own of 325000 and some was left from her husband too as he left 80000 to his daughter and son each and the rest to his wife Marina. The legacy to his wife was exempt and he had no CLTs or PETs during lifetime thus on his death his NRB was reduced by 160000 and the remaining was left for his wife to use. AM i correct with this?
And I got a loss on the disposal of the shares in Z plc so i simply wrote the idea that if there was a gain it would have been deferred via EIS relief bla bla.
Anyone there to back me up? lol

J good luck to you to mate and hope we all done well and finish this course.

I am talking about the consortium member company not the 75% loss group company. The consortium company was the one in which the holding was 20%

J was this sale to overseas co in the first qstn? I can recall this :s