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The exam was weird and hard, did soo much practice of Corporation tax but he didn’t even bother touching that area very much, first question was on IHT Scott father giving gifts to his Son, IHT calculations were required if sale proceeds were gifted cash to son or farmland to son on which APR was available. After that he asked Partnership question, i left that one as all the past exams i did on ACCA website, none of them had asked for Partnership and it was the only topic i left. Than he asked for UK tax on overseas income but nowhere i could find what was the tax rate in overseas country, very weird and different question.
Section B 2nd question was easy, loss relief explanations and Research and development qualifying expenditure question. Last was to calculate benefit on use and eventually gift of the computer.
At third question my time ran out and third question was also easy, could have passed the exam easily but ran out of time. Soo much practice all wasted. Guess next time i will attempt Section B questions first as Section A wastes a lot of time.I agree it was weird and hard. Very odd that the bulk of marks in section A was to do with inheritance tax. Also to explain about partial exemption for 7 marks but not referring to de minimis was quite challenging.
BADR or RoR did not feature at all. Trading loss came up a couple of times but these did not seem too difficult as it only concerned 2 companies within the group.
I wasn’t happy about the maximum pension contribution question being worth 6 marks, as I haven’t come across this question in Kaplan exam kit.
Overall I was unhappy at how the exam went, but I just went on chat gpt and retyped the questions to the best of my memory, to compare it with the answers I got, and I don’t think I did as bad as I had thought, so this has slightly uplifted my mood and hopes about passing this exam?.Omg yes it was so weird! I lost so much time in section A, I got confused with the IHT question when I read the next part that said what would you change if he made the gift 6 months later!! I went back and changed my answer, I realise now I messed that up. I put that there would be no NRB at all if he’d made the gift on the original date but I hadn’t considered lifetime tax on the CLT ????
I also wrote that BADR would be available on the sale of the farm. Oh dear.I was super confused by the VAT question, what were supposed to write if not about di minimis?? I calculated the differences for the capital goods scheme, not even sure if I was supposed to do that either.
I can’t remember much else from the 1st B question, I know I skipped one part of it. And then in the 2nd B question I didn’t even do very good workings for the loss relief one and I ran out of time whilst answering the RDEC question.
I’m so stressed now, I don’t feel I performed well. This next 6 weeks is going to be killer. I’ll also go to sec B first next time.
Good luck!
Omg yes it was so weird! I lost so much time in section A, I got confused with the IHT question when I read the next part that said what would you change if he made the gift 6 months later!! I went back and changed my answer, I realise now I messed that up. I put that there would be no NRB at all if he’d made the gift on the original date but I hadn’t considered lifetime tax on the CLT ????
I also wrote that BADR would be available on the sale of the farm. Oh dear.I was super confused by the VAT question, what were supposed to write if not about di minimis?? I calculated the differences for the capital goods scheme, not even sure if I was supposed to do that either.
I can’t remember much else from the 1st B question, I know I skipped one part of it. And then in the 2nd B question I didn’t even do very good workings for the loss relief one and I ran out of time whilst answering the RDEC question.
I’m so stressed now, I don’t feel I performed well. This next 6 weeks is going to be killer. I’ll also go to sec B first next time.
Good luck!
@EveOvo1 Same thing happened to me as well lol, later after looking at delaying gift by 6 months question and saving achieved from it, i looked back and their were 2 lifetime gifts Scott made ? i didn’t take account of these gifts. The reason is maybe because he mentioned these lifetime gifts in the very end after both options, some student got confused that lifetime gifts were only for option 2 but these lifetime gifts were for both options as it was even of the past lol, Scott cannot consider that or make past an option but in exam time pressure won’t let u think these things thoroughly. Then i went back and corrected my calculations and brief explanations which wasted lot of my time
Exam was very difficult. It was a totally different paper. Not similar to any of the past exams. In IHT & CGT questions requested to ignore AEA & AE. It was so confusing and run out of time.
@genuiz999 totally! I did the same and had to go back and redo the calculations, I think they were even wrong still after that! This was my first strategic paper. Not feeling very hopeful for a pass. I’ve learnt from it though, will read all the information first next time ???? good luck!
@EveOvo The most obvious lesson i learned from attempting this exam is that always attempt two Section B 25 marks questions first than in the end attempt Section A, i could have passed easily if i attempted last question 3 as everything in that question was from the area which i practiced a lot specially the way he asked pension but due to first question and overthinking on it, i lost too much time and i was only able to attempt Q1 and Q2 from Section B, question 3 of part B Un-attempted because the first freaking question wasted a lot of my time. Also the partnership area of syllabus got tested after such long time and the overseas double taxation relief question there wasn’t even a mention of tax rate in the overseas country, none of the past exams on ACCA practice platform even had practice questions for Partnership, not even for 1 mark.
The way he asked VAT was also really confusing, capital goods scheme part was okay but that partial exemption without Deminimis rule was full idiotic question, none of the examples or kit question ever asked something like that. Section A was a full time trap from the examiner while two Section B questions were much easier.1000000% agree. Think we had very similar experiences! I also only managed to attempt the first 2 questions in the last section B question. Wasted far too much time on A. Hopefully we don’t have to sit it again! All the best to you
Oh wow, reading some of the comments i’m starting to question if i’m delusional or if i actually did well. lol I appreciated the fact that we didn’t have to comment on de minimus limits or AEA etc. I saw it as the examiner helping us by not worrying us with the smaller parts of the question. And focus on the main areas of the question.
I actually liked this paper, it did heavily focus on IHT but my Kaplan notes said this is a very strong area of being questioned. I revised this on the day with previous knowledge vaguely in my head. It also focused on areas that were not normally focused on. Again, i liked this as my knowledge is broadly better in these areas. The Vat de minimum question and capital goods scheme through me off alittle, i haven’t studied this for a white. However, overall i feel like i did well on this paper. Saying that, my technical knowledge isn’t the best. So, it’s hard for me to say if i actually passed it or not. I am going to be surprised if i fail. With these exams they’re hard to predict.
I also made the mistake of spending too much time on Q1. I thought i was managing my time well but realised i still had parts b and c of Q1 to do! So that made me rush the other questions. I understand ACCA wants to test our time management skills, however breaking Q1 into 2 questions isn’t going to change the ability level of the paper. Maybe we should suggest this to ACCA….
I will probably spend the next couple of weeks reading my notes and doing some ‘soft’ studying on ATX, just incase i have to resit it. That way the knowledge will still be fresh in my mind.
My plans are to also refresh my knowledge on the papers leading upto SBR. Then studying SBR. Once that is done i have AAA left. All these 3 papers are resits for me.
Hopefully we’ve all passed! I want my life back. lol
Hi,
How APR is available for farm land, the question said the land is in overseas. APR is avaialble for only UK lands.
U forgot that IHT is payable on Donor’s worldwide assets if he is a UK domicile or UK deemed domicile holder, Scott was UK resident and UK domicile holder soo…
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