P6 exam Sept 2016 Questions

1. Groups and chargeable gains, rollover relief, with VAT Group registration, Refund from HMRC for unknown reason and Relieving loss in a 75% Loss Group efficiently
2. Unincorported business which wants to cease trading, incorporation relief claim vs reject, residence status for chargeable gains, non-residence benefit on sale of assets in UK and immediately leave for overseas home (temporary absence). Investment property house disposed whilst abroad and not return to UK for 5 years and gift the proceeds to sister
3.Death estate and gains
4. a. Company share options scheme vs Employee shareholder scheme compare and contrast for employee and employer
b. Company car benefit of diesel engined car with 108g/km CO2 emissions vs Beneficial loan interest free which will be repaid in 3 years- provided to higher rate taxpayer employee
Advise which would be the most beneficial to choose
c. Yara- in UK since 1 April 2008. non UK domiciled. Salary £80000 and Overseas rental income of £24000 which she remits £15000. Every year till 15/16 she has elected to be taxed on remittance basis. Why would it be not beneficial to choose remittance basis in 15/16?

5a. Acryl Ltd owned 70% by M Ltd and 30% Alan the managing director of M Ltd. The company will be wound up. There are substantial distributable profits. Advise if it will be beneficial to distribute profits before or after winding up. State corporation tax implications on winding up
5b. Creol Ltd – has ceased as of 31st October 2016. Trading lossess for penultimate year ended 30th June 2016 is £24000 and the period ended 31st October 2016 is £40000. Relieve losses as best as possible. Bank interest in 13/14 £1000, Trade loss in 13/14 £5000, 14/15 Trade profit £21000, Bank interest £3000, 15/16 Bank interest £5000.
Advise on VAT implications on cessation of trade.