*** P6 June 2015 Exam was.. Instant Poll and comments ***

After tax proceeds are sale proceeds minus CGT
not
gain minus CGT

It stated how he would have £30k to invest in his daughters trust, after all taxes not 800 odd shares.

@gasengine said:
I appear to be the odd-one-out, but I believe the Substantial Shareholding Exemption DID apply to the disposal in question 3, owing to the FA2011 changes to SSE. Namely, the qualifying 12 month period can include the time when the assets owned by the company being sold were used within a trade carried on by the group before being transferred to the company being sold.

Hence, the time that the trade was carried on by the predecessor company (Aero?) may count towards the qualifying period.

Am I missing the point?

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I said the same. The business and it’s property were transfered from a 75% relief group and this now domant company had held the business 12 months prior to the NGNL transfer.
Therefore the group held the shares for 2 years hence qualify for SSE.

this was the worst paper in acca

@shuva123 said:
q1 i think this will be automatic uk residence status and temporary non uk resident for capital gain tax purpose. terminal relief is 24500. relief by current yr and lifo basis,maximum 3yrs,ppr relief is exampted, 6000 rules is apply,and normal capital gain tax calculation… vat not charged if transfer is going concern….other wise 20 percent vat charged is applicable…thisis q1. q2 i missed the degrouping charge….is it degrouping charge? sse not apply coz 12 months not fullfilled out of 2 yrs before sale…is it non trading loan relationship? roll over relief is available if sale the capital gain group. m i ry8? q3 i missed the 2 option…i dont understand this ques. deminimis limt was good. test2 is considers, i also aplly for advice that capital good scheme. there was pertial examt business. but i dint know. q5 was child care voucher, miles,i just overall disscussed.nic 2 percent and income tax 40 percent apply..badges of trade is apply.pls share ur answer….it just for disscus? ques was really different from previous past papers….

for q1 she was non uk resident for the tax year 2016/17 and terminal loss relief needs to be directly carried back for 3 years. It was partially non-trading loan relationship and also ROR is not available because tehe asset was never used in the business.

Paper was really different this time, no partnership, no losses, no BOA thankGOD 😛

What did everyone get to for q5 income tax part? It said something about the after tax and NI cost, and seemed a bit easy for 9 marks. Was it the salary, plus and NI relating to excess mileage and other benefits? I also pro rated the NI employment allowance and applied a bit of that

@carl29 said:
What did everyone get to for q5 income tax part? It said something about the after tax and NI cost, and seemed a bit easy for 9 marks. Was it the salary, plus and NI relating to excess mileage and other benefits? I also pro rated the NI employment allowance and applied a bit of that

Yeah it was kind of easy, anything relating to employee is deductible expense from the Income tax, and that NIC on benefit i think was less than 2000, hence i wrote that she did not have to pay.

For the annual tax cost i just calculated the IT liability, didn’t know what he actually meant by ‘tax cost’ 😛

@paullu618

@rebecca2

11) Samuel is planning to leave the UK to live overseas, having always previously been resident in the UK. He will not automatically be treated as either resident in the UK or not resident in the UK. Samuel has several ties with the UK and will need to visit the UK for 60 days each tax year. However, he wants to be not resident after he leaves the UK.
For the first two tax years after leaving the UK, what is the maximum number of ties which Samuel could keep with the UK without being treated as resident in the UK?

A One
B Four
C Two
D Three

I think the answer is C as he was a previous resident if he have 3 ties he will be a resident!!!

@hershey said:
Yeah it was kind of easy, anything relating to employee is deductible expense from the Income tax, and that NIC on benefit i think was less than 2000, hence i wrote that she did not have to pay.

For the annual tax cost i just calculated the IT liability, didn’t know what he actually meant by ‘tax cost’ 😛

It was the net cost to cate of hiring the employee.
She was earning (£90,000 + Dividends) £120,000 and therefore her PA was abated. Once she hires someone her profits fall and thus she gets her PA so effectively she’ll pay less tax and this is a tax saving.

So i put thar the net cost should be cost of hiring the employee less tax saving to the business less the tax saving for Cate as the Q specifically asked the net cost for Cate for D desgin hiring the temp staff.

Hey,Hershey,pliz remind me again roughly wat question 4 was about I m getting a horrible feeling I only answered three ?,sorry to stress u

Does anyone know how long it takes for ACCA to upload the questions?

she recieves dividends from elsewhere. as far as i remember.

Obviously read it wrong – I thought she received 27.000 dividenda from d design..