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@puritee said:
Did anyone else think the last part on EIS/SEIS on inheritance tax was asking for discussion of BPR? These shares qualify for BPR?Yes, I put as long as they were held for 2 years they would get BPR relief as they are unquoted shares.
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@puritee said:
The pensions question created a brain block at first then it suddenly clicked! The lifetime allowance is £1250000. She invested £1550000 in total. 25% can be withdrawn (of the 1250000) tax free i.e £312500. The excess of the lifetime allowance will incur a charge of 55% tax so only 45% will be received i.e (300000 x 45% = £135000) The sum is £447500.well done ! I haven’t read anything about pensions hence didn’t know the 25% lump sum
No Abbi..I got AA of 20k taxed at 45% to get charge. (50k-40k) x 3 = 30k + 40k = 70k available. Excess = 90k – 70k = 20k
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@puritee said:
Did anyone else think the last part on EIS/SEIS on inheritance tax was asking for discussion of BPR? These shares qualify for BPR?yes they do 100% as unquoted shares but Need to keep them for 2 years
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@puritee said:
No Abbi..I got AA of 20k taxed at 45% to get charge. (50k-40k) x 3 = 30k + 40k = 70k available. Excess = 90k – 70k = 20kin 2014/15 it was £40 AA hence no unused from previous year. Only 2 years unused £10 k each hence 30k additional charge
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@puritee said:
No Abbi..I got AA of 20k taxed at 45% to get charge. (50k-40k) x 3 = 30k + 40k = 70k available. Excess = 90k – 70k = 20kand I taxed it at 40% as her limits increased and was still in higher rate band
@puritee said:
No Abbi..I got AA of 20k taxed at 45% to get charge. (50k-40k) x 3 = 30k + 40k = 70k available. Excess = 90k – 70k = 20kI am probably wrong but I thought one year he’d used all his allowance. Can’t remember the exact question now. What did you put for part C? IHT 2 ways to not pay it?
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@duffielda52 said:
I am probably wrong but I thought one year he’d used all his allowance. Can’t remember the exact question now. What did you put for part C? IHT 2 ways to not pay it?I Did same as you Abbi. 2 ways £250 to each child per year and gift out of regular income every year if she can prove her standard of living is not affected.
@haadia said:
in 2014/15 it was £40 AA hence no unused from previous year. Only 2 years unused £10 k each hence 30k additional chargeSo you put 30k as the AA charge in income tax and extended bands by 90k? I did this.
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@duffielda52 said:
So you put 30k as the AA charge in income tax and extended bands by 90k? I did this.yes charged at 40%
@haadia said:
yes charged at 40%Thanks, yes 40%.
Residency rules, remittance basis, groups, losses, IHT, CGT, Vat. Not tested in detail if at all. 100’s of pages. Instead slithers of the syllabus tested in detail. Examiner trying to be too clever here I feel. Pensions, seis and Incorporation relief accounted for close to 40 per cent ridiculous
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@duffielda52 said:
I am probably wrong but I thought one year he’d used all his allowance. Can’t remember the exact question now. What did you put for part C? IHT 2 ways to not pay it?what iht ways did you write about ?
Well you guys can all write to ACCA and let them know how disappointed you are with the exam paper and it’s difficulty. That’s the best way to give them feedback 🙂
Anyone that did Q3 remember tax and NIC liability with and without disincorporation?
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@duffielda52 said:
Anyone that did Q3 remember tax and NIC liability with and without disincorporation?I did it but dont remember the answer. What was the rollover relief for the intangible asset ?
When a relief did come up, it wasn’t straightforward.intangible asset another booby trap
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I do not remember exact amount but for sole trader it was higher be ounce of Class 4 Nic on trading profits whereas in the company dividends were free from Nic
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I wrote that only land & buildings used for commercial use qualify for the rollover relief. But then did calculations and for GW and for the new building in the foreign country of Monicia(( for comparison of the tax saved((
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From now I will try to forget about the sad things. wish everyone Happy new year, good luck with results
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@galinam said:
From now I will try to forget about the sad things. wish everyone Happy new year, good luck with resultsthanks , good luck to everyone as well !
@haadia said:
I did it but dont remember the answer. What was the rollover relief for the intangible asset ?I did not have a clue, I just worked it out as a normal roll over relief in hope I might get easy marks for indexation allowance etc!!
What did you say about overseas? That it was classed as a branch and not a sub, therefore not affecting bands as not an associate. Corporation tax payable in uk but would get DTR on uk amount as overseas was 23%? And not to elect??
For that pension question, did no one else think that the maximum she could contribute to the scheme was £80k as this was the only earnings that were relevant for tax purposes? The unfurnished property income would not qualify. I only realised at the end so didn’t get to adjust the basic rate limits to £80k instead of £90k. 🙁
Pretty sure I’ve failed this paper…again! Such bad time management in combination with poor technical knowledge on some bits of the syllabus. 🙁
@minicooper said:
For that pension question, did no one else think that the maximum she could contribute to the scheme was £80k as this was the only earnings that were relevant for tax purposes? The unfurnished property income would not qualify. I only realised at the end so didn’t get to adjust the basic rate limits to £80k instead of £90k. 🙁Pretty sure I’ve failed this paper…again! Such bad time management in combination with poor technical knowledge on some bits of the syllabus. 🙁
I must admit I did think this but I had not done a practice on this so I just went with the 90k but I think you are correct!
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