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

<cite> @kfaardeen said:</cite>
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

The first gain would have been chargeable in the same tax year (10/11 I think) because capital gains rules does not allow split tax years unlike income. Therefore he would have been resident for the whole of the 10/11 tax year but the gain would not be chargeable due to the use of the 10/11 annual exemption. The car was exempt from CGT, the bed was not chargeable due to it being purchased and sold whilst being in the uk and the final one (not sure what asset it was) would be paid when he returns to the UK

<cite> @ugras05 said:</cite>
Guys I worded it wrong I did extend the basic rate bands by the gross amount of 120000 , what I mean is that she is only allowed to contribute 50000 per year so the remaining will be added as a charge.

Yeah thats fine, but you were still supposed to deduct any remaining allowance for The previous 3 years.

They wouldn’t have included her pension contributions from the last 3 years if you weren’t supposed to take them into account.

thats what l have done for the 1st year there is 21000 unused for 2nd 2000 for 3rd full fledge 50000 and there is a difference of 43000 l think this tax as non saving income

overall it was a good paper not bad , so we are all pass

for question 3 who focused on the rolled over relief the asset was not in use for some periods so the examiner wanted us to time apportion the again and the business use qualify for roll over relief.

@ Rocker I hope so mate, hope we all pass, The way I look at it is that if in December when I thought I get 25 but got 42 this sitting I hopefully done enough to pass even though I did make silly little mistakes.

We got seven crucial extra minutes at the end of paper due to power failure.
How lucky we was;-)

Shehmir.. yeah i think your were in Hall 5 of Karachi:D.. Btw we also have to add 4000 employer contribution in calculation 50,00 limit.. I am sure about it because I practice a similar part in KAPLAN.

Rafay ..Correct!

Questions were comfortable.But cudnt manage to finish the paper.too lengthy and demanding..
Hopefully done enuf to make it through..
All will depend on the 7 min the marker will take to mark the paper..hopes he is in good moood but certainly God knows best.

Goodluck everybody!

<cite> @kfaardeen said:</cite>
thats what l have done for the 1st year there is 21000 unused for 2nd 2000 for 3rd full fledge 50000 and there is a difference of 43000 l think this tax as non saving income

in second year there is no 2000 ! BIG TRICK, Employee contribution 48000 plus employer contribution 4000, total 52000, so 2000 of last year will be used from 17000 (21000-4000). ONLY 15000 was available for 2012/13

I am estimating my marks.

QUESTION 1
06 out of 13.
02 out of 02 [VAT]
02 out of 06.
05 out of 06. [extra tax ]
03 out of 05 [ethics]
02 out of 04 [PFS MARKS]
20 OUT OF 35 MARKS.

QUESTION 2
06 out of 08. [CGT]
05 out of 07. [PET IHT]
07 out of 10[gift shares]
18 OUT OF 25 MARKS.

QUESTION 3
05 out of 08[income tax]
02 out of 03[PEN.CONT]
02 out of 03[remint avail]
02 out of 04.[remint fees]
01 out of 02[rmit nt csh]
12 OUT OF 20 MARKS.

QUESTION 4
03 out of 03[gain]
03 out of 04[rollover]
01 out of 04[max gain]
02 out of 02[CAPITAL ALL]
03 out of 07[VAT GROUP]
12 OUT OF 25 MARKS

MINIMUM MARKS OF 62 OUT OF 100. ACCORDING TO MY ESTIMATION. BUT I WILL STILL PRAY VERY HARD TO GET WHATEVER WHICH WILL BE BEST FOR ME.

<cite> @ugras05 said:</cite>
@shehmir- I have done the same mate, I calculated the marks I should hopefully get, I was harsh as well awarding less marks in some questions but maybe the marker will give me less or more.

I done Q5 rather than 4 though.

Also for Q3 there was little 2 marks at the end asking what else can you bring to UK rather than cash that can cause remittance, What did you put for this ?

Other forms of remittance include repaying an overseas debt where the proceeds from the debt were brought into the UK and personal items which were bought overseas using foreign income and brought into the UK (there are however exceptions to the rule being clothes and items brought into the UK for repair)