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This was my first attempt… I didnt come particularly well prepared but I thought with some luck the questions would be ok…. this paper was just so tough though, is it usually this bad?
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1042*45-1042*40*28%=46890-11670, so maybe not correct.
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Q2 had degrouping charge and i think the transfer of building was at NGNL.
Also there was no SSE as it wasn’t own for even an year.
was he talking about non-trading loan relationship rules in part b??
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@paullu618 said:
60 days= 3 ties or more. Q4 shares I come up with 887.Yeah you are right for the test.
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Paper seemed doable but was quite specific in some areas.
Like stump duty in Qn.2 – on buildings if a company is sold, but still in posession of a building it received through no profit no gain. Then stump duty applies even if its sold as a going concern.
I only saw that this morning and really never knew the examiner would be that specific!!- Topics: 0
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@espi19lt said:
Question 5 sale of books discussion if it’s income or cgt? I wrote about it being cgt as inherited asset. Anyone else did question 5? What your answers?Umm for this part i wrote that its not a business asset so it shldn’t be taxed, but even if it was it should be covered by the amount of Annual Exemption and personal allowance.
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What answers did people get for the terminal loss relief in q1?
CGT in q2?
Thanks
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@alirathore said:
One point was confusing in Q5 as she can sale books after rebinding so its a income I.e. after changing n other books were inherited so its under capital gain :/———————————————————————————————–
I think they wanted us to discuss budges of trade. It looked straight forward for 5mks. Acca demands a lot for a mark.
1)..Motive – Profit?
2). Frequency of trade – one off sale on internet
3). Manner in which books acquired – inherited not bought for resale.
4). Changes made to goods to make them more profitable. – these changes on the books were to bring them to a saleable state
5). Pattern of trade or similarity to her trade. She deals in dresses not booksWell, thats how I approached it and concluded its CGT not Income Tax we are dealing with here.
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@paullu618 said:
1042*45-1042*40*28%=46890-11670, so maybe not correct.1041.666667 shares sold
DP £45 per share 46875
Cost £5 per share -5208.333333
Gain 41666.66667
A ex 0
CGT tax 28% 11666.66667
Net gain 30000Question 2 – indexation on the shares and also on the Degrouping charge calculation, SSE not eligible, and yeah non trading loan relationship/deficit in part b. Got most of my marks on Q2
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@dangemeister said:
1041.666667 shares soldDP £45 per share 46875
Cost £5 per share -5208.333333
Gain 41666.66667
A ex 0
CGT tax 28% 11666.66667
Net gain 30000Coool….I lost 3 marks 😛
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@bayigga said:
Paper seemed doable but was quite specific in some areas.
Like stump duty in Qn.2 – on buildings if a company is sold, but still in posession of a building it received through no profit no gain. Then stump duty applies even if its sold as a going concern.
I only saw that this morning and really never knew the examiner would be that specific!!The stamp duty is on building sold…i guess 4% 😛
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@leedsy said:
Question 2 – indexation on the shares and also on the Degrouping charge calculation, SSE not eligible, and yeah non trading loan relationship/deficit in part b. Got most of my marks on Q2Perfect…and we had to explain the 4 options for non-trading interest loss relief available??
Also what about the building given for rent?? Is that a non-trading only??
Because i think for the normal loan for building is trading interest ??
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I thought the number of shares question wanted the after tax proceeds? Eg – proceeds less the CGT @ 28%. Not net gain.
Might be wrong – on Terminal loss I think I got £24,500, included the trading loss and the overlap profits. Then carried the relief back on LIFO basis
Yes hershey, I listed the 4 possible reliefs. Not sure on the other parts – what did you say regarding the arrangement fee?
Worst paper I have ever given in ACCA, too much focused on foreign/overseas issues and very vague topics tested.
What was the examiner thinking??? That last paper was fine, but this one was horrible, better yet a disaster!
Examiner please be lenient in marking!
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@rebecca2 said:
I thought the number of shares question wanted the after tax proceeds? Eg – proceeds less the CGT @ 28%. Not net gain.yeah it was proceed less cgt= 30,000.
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@leedsy said:
Might be wrong – on Terminal loss I think I got £24,500, included the trading loss and the overlap profits. Then carried the relief back on LIFO basisyou are right, the termial loss available was 24,500 and it couldn’t be carried to 2012/13.
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@leedsy said:
Yes hershey, I listed the 4 possible reliefs. Not sure on the other parts – what did you say regarding the arrangement fee?i said that it is an allowable deduction, because it was necessary expense incurred by the company to obtain the loan.
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haha but honestly it was a tough paper compared to previous sittings :/
Yeah after Q2 went so well, the rest of the exam I was clawing around for marks ;0
Good luck anyways people
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Did anyone attempt Q4??
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