P6 Advanced Taxation

Students said: An easy enough test. The September exam was felt to be much nicer than the June sitting. There was one problem question – Q2, which was ‘hated’ by many.

The examiner said: Not every part of Q4 was attempted, and it appears weaker candidates did not know their tax rules. Q1 looked at full rollover relief, relief for a trading loss within a group, consideration of the appropriateness of a single group VAT registration, and an ethical issue relating to an unexpected VAT refund. Q2 involved incorporation of a UK resident and domiciled individual’s sole trader business, discussion of residence status and the consequences of the disposal of an investment property. For Q3 candidates had to calculate IHT saving obtained as a result of a lifetime gift of shares and the choice of date for cessation of an unincorporated business. Q4 concerned the tax implications of the provision of shares to one employee and of a company car or loan to another. Finally there was some overseas income to work out. Q5 looked at a company liquidation and timing of a distribution for shareholders. The second part related to a loss-making company and its ceasing to trade. What would the obligations be for VAT?

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