- January 29, 2020 at 10:08 am
I am currently studying for the Tax UK paper in March 20. I am primarily using Open Tuition Notes & Lectures, however also purchased Kaplan Study Material just in case I need more understanding on a topic area.
The issue which may in itself be the answer is that I accidentally purchased the Kaplan materials based on the Finance Act 19, however have been working around that challenge.
The Relief is as follows
Open Tuition – used against first future trading profits in full
Kaplan – used against future trading profits ‘BEFORE QUALIFYING CHARITABLE DONATIONS’. ALSO SAYS YOU CAN RESTRICT THE AMOUNT YOU USE, IE DON’T USE IT ALL AND SAFE FOR FUTURE YEARS?
Open Tuition – Use against Total Income (after qualifying int)
Kaplan – Use against ‘TOTAL PROFITS BEFORE QUALIFYING CHARITABLE DONATIONS’ (using Total Profit rather than Total Income)
Has the rules changed and in essence I just focus on the OT study info?
Heeeelp please 🙂
CraigJanuary 30, 2020 at 8:28 am
You are looking at 2 different things – this not something that has changed or that is different between Kaplan and Open Tuition (OT)!
From Kaplan you are quoting the rules for CORPORATION tax losses whereas for OT you are quoting the rules for INCOME tax!!
Look at page 101 (and beyond) – chapter 18 of the OT notes for the corporation tax rules – also note that I think you have misquoted the Kaplan rules for the c/f of losses – you state “trading” profits above – it should be “total” profits.
I would advise to use the OT material – lectures and notes together but you will need to use the exam kit for FA 2018 – not FA 2019 – as there will be different answers to most of the income tax questions and many CGT questions.
On the ACCA website you will see the examiners article on FA 2019 which will show you the changes that have been made by FA 2019January 30, 2020 at 12:33 pm
Literally could not get the OT sunk in so went to Kaplan index and then checked the relevant page. Just checked Kaplan again and yes you are spot on, the page I was checking was Corporate.
Too much study not enough sleep, thanks for pointing out 🙂
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