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Found the exam ok not sure if I wrote enough. My questions consisted of PE, gains group, VAT group and exempt sales, IHT, partnership or employee, close company, cgt on sale of lease, PPR, IHT rate of 36% and EMI shares
Think we had the same exam Katie- think I messed up the PRR one somehow as ended up with a loss and ran out of time! Never mind
Think I did too tbh mine had letting relief too did yours? I didn’t end up with a loss but the PRR was the same as the lettings relief as was the lowest out of PRR, 40k and the disallowavle amount
Not sure- I said no letting relief as the owner wasn’t living in the property so goodness knows.
Ahh damn got it muddled up you are right no letting relief if they didn’t live there. Ahh hope I can scrape a 50 with the rest of my answers doubting it now I was so anxious
I had different questions to everyone on here, did anyone sit the morning exam? – questions were on Rollover Relief, Residency, Capital Goods Scheme, Gift with Reservation, PRR, Partner vs Employee
I sat the morning exam, I had the same questions as you Ellie. my time management was really bad unfortuntely. I hope it went well for you.
I sat in the Morning and my first question was based on three companies SNL Ltd QTA Ltd which is the subsidiary of SNL by 75% and the other company was the subsidiary of 65%
Q1a) Ethics
b) Sale of building which cost £410,000 and there is a included value of Land of £150,000
Explain the treatment of sale of building without rollover relief
There must be a sale of another thing which is between QTA and other subsidiary which is not in the capital gain group
and then the next question is on
Rollover relief whether it is available and the asset was a depreciating asset
and there is a VAT question on Capital schemeQ2 was based on Capital gain on PRR and letting relief and also the gift represents the IHT calculations
Q3 EMI share and the tax treatment and the treatment of employee and partner treatment
Paper was fair enough and May Allah passed all of us insha Allah Ameen
I had morning shift exam as well and I thought the questions were not too bad. However, i overspent on Q2 and totally bombed the paper i think.
To add to Nomans’ above;
Q1: VAT – final year adjustment and sales adjustment on the sale of building where the supplier was partially taxable supplier
Q2: Sale of Cottage with PPR and lettings relief; explain why the individual had RB available to him; explain why GROB is charged.
Q3: Income tax implication of Hybrid car benefit allowance and fuel allowance to the individual whether he was employee or partner; Income tax implication of employee vs partner
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