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Well, that was awful… For one question, I didn’t catch on to the SSE exemption so went on about BADR. Will I get any marks at all for getting the wrong relief but explaining it correctly? Or is it just wrong?
Which question was that?
I don’t think I had any SSE in my paper, but I could be wrongQ1 was rollover relief, some IHT and group tax
Q2 mind gone blank
Q3 was more iht and overseas aspects of cgt iht
Q4 all about partnership profitsPart B of the paper really confused me,
Q1: groups, selling 2 buildings – types of reliefs available if one buys all the shares in an OS companyQ2: IHT, CGT on bracelet and painting if temporary resident
Q3: interest on loans, income tax implications on providing a van and computer to someone who isn’t an employee, IHT
Q4: VAT – completely threw me off because my mind blanked on the implications of the capital goods scheme on a building which is exempt
Part B of the paper really confused me, really not sure how I did as I ran out of time
Q1: groups, selling 2 buildings – types of reliefs available if one buys all the shares in an OS companyQ2: IHT, CGT on bracelet and painting if temporary resident
Q3: interest on loans, income tax implications on providing a van and computer to someone who isn’t an employee, IHT
Q4: VAT – completely threw me off because my mind blanked on the implications of the capital goods scheme on a building which is exempt
Maybe I’m really far wrong then ha! The sale of assets v sale of shares.. doesn’t the sale of shares qualify for SSE?
This is difficult because we didn’t all do the same questions, for instance I had nothing on loan interest in my paper, and nothing about providing a computer.
Best to wait 6 weeks and see what happens, good luck all!Hard exam, but optimistic, the corporation tax on the OS company really threw me off., as did the VAT on the capital good scheme.
I got the same paper as you
According to me the loan provided to a close company will be considered as investment in that company and any interest earned from it can be considered as dividend maybe not sure at all but that came to my mind at that point
And the loan take fron the bank, I considered it as a qualify loan interest expense ( assuming this loan amount will also be used to provide finance to close company) .
This was a 6 mark requirement so I m hoping to scored atmost 2 marks .I could not start my exams due to some technical issues, it would be really helpful if anyone knows some key topics that I may revise in this exam.
Bro I have the same issue I just forget the treatment of capital goods scheme and done my first question in the last of 35 marks question in 36 minutes
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