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Much better than December 2012 exam that’s more like it Mr Fish although some tricky parts and time pressure.
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Exam was ok
However, i dont think i wrote enough – which is why i am kind of worrying, although i filled the book
Lets hope the examiners are not too hard when marking
Paper was ok but I completely messed up on so many parts just think lack of question practice.
Can anyone give a brief summary of the Question, sub-topics and points per sub-topic? The invigilators took my exam took quickly to get a rough idea of how man points I had per question…. I just can’t remember the sub-topics, my brain is fried.
1. Total points 35 ?
Income Tax liabilities loss use etc (10 its?)
etc2. Total points 25?
3. Total points 20
Topic??etc
1. Had 11 marks for company purchase of own shares
6 for ethics I think
2 on overseas VAT2. CGT and IHT
Cant get easier paper than that at this level but i am afraid what the level of marking will be?
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Remittance basis
Group relief
Income tax
Small question on a UK company buying from an overseas (outside Europe) company
IHT explanations@jaypatel-how did it go mate? Was much better than expected.
@shehmir -That’s what I was thinking but surely if someone done well they can’t fail them.To be honest December paper was a disaster for me, I only managed to do 1 out of 4 questions good and still got 42 so I am hopeful for this sitting where I have answered all the questions.
In dec-12 attempt i was expecting 30 marks only but i got 47 marks. This time i am expecting 70 marks so i should get 85 marks. 🙂 But hopefully i should get atleast 50 marks to finally become affiliate.
Yahoooooooooo !! passed P6 this attempt , Shehmir my result was the same as yours, this time i expect the same as yours congratt dude , tnxxxxxxxxx P6 examiner you rocked this time
some marks were peice of cake ready to score just write it down on the answer booklet , hope this is in real n we don’t dream lolll , hope the examiner doesn’t take it serious
q4 was the easiest question it was on roll over relief disposal of a business and vat
for q1 non of the business could relief their loss to aqua bcuz not same nature and the other is a dormant
l also said that aqua is unincorporate therefore not qualify for trade and the loss of the other company should be offset against the profit of the 90000 because it is paying tax at 25% and the capital gain tax l forgot l think it l write the business is in a capital gain group and so on l forgot
I thought none of the losses can be relieved at first but then thought I am running out of time and the e mail mentioned losses so I relieved them anyway, not sure if correct but out of 13 I should get 6 at least for talking about losses and calculating corporation tax liabilities with upper and lower limits. We shall see.
There were couple of tricky parts like the house benefit where she only stayed there for 3 months so should of been time apportioned.
for remittance l wrote first remittance apply automatically as unremittance gain less than 2000 and for 2nd no income tax in uk because not ordinarily resident and 3rd chose between arising and remittance basis l wrote chose remittance pay the fixed charged of 30000
Yeah I did the same for remittance, one automatically applied as it was under 2000, one of them left UK and had no income anyway and the other one had to make a claim and pay the 30000 charge, however I wanted to mention the 50000 charge as well but they were all non domiciled.
Did any of you guys notice the pension allowance was extended so had to include the 70000 extra on income tax liability for question 3?
Also CGT in Question 2 part a the bed was bought abroad and stayed there so there was no CGT and that the motor was exempt from CGT.
Advantages of IHT life time gift, I wrote about 7 year rule and how if they survived it, it wouldn’t be chargeable and taper relief available after 3 years and small gifts to use the 3000 annual exempt etc etc.
hmm thern are annual allowance of 50000 the basic rate band should have been extended
l write that any gain that the seller will he will be tax on the date of departure bcuz he has not been absent for 5 complete tax years and the motor car is exempted and the tax paid on the rest will be on 31 jan and there is one where 2 assets have been sold in the same year one has fully used the annual exempt and the other will be taxed on gain
<cite> @kfaardeen said:</cite>
hmm thern are annual allowance of 50000 the basic rate band should have been extendedYou forgot to deduct any remaining annual allowances available from the previous 3 years. Therefore it would increase the amount that could be invested in the current year.
Also the pension contribution band should be extended by the amount of the gross contributions and not just 50,000
So she had 120,000 of 20% relief and 40% relief.
I wasn’t too sure about the employers contributions of 4,000 but I included those in calculating the remaining annual allowance to carry forward to be deducted from the 120,000
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