Summary: Property A net income 20,400 Property B net loss (3,575)

Size: px
Start display at page:

Download "Summary: Property A net income 20,400 Property B net loss (3,575)"

Transcription

1 Answers

2 Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Ireland) June 2009 Answers 1 Dan Ryan (a) Case V income for the tax year 2008 Property A: Income Rent from 1 May to 31 December 2008, at a monthly rent of 3,000 24,000 Short-term lease premium = 20,000 x (51 20)/50 12,400 Expenses Allowable interest from 1 May to 31 December ,000 x 8/11 (16,000) 20,400 Property B: Income Rent from 1 January to 30 April 2008, at a monthly rent of 1,000 4,000 Rent from 1 July to 31 December 2008, at a monthly rent of 1,200 7,200 Expenses Allowable interest from 1 January to 31 December 2008, at 800 per month (9,600) Painting (4,000) Advertising for new tenant (500) Refuse charges (300) Capital allowances on new furniture, 3,000 at 12 5% (375) (3,575) Summary: Property A net income 20,400 Property B net loss (3,575) Net Case V income 16,825 Note: Property C is subject to tax under Case III (see part (b)). (b) Income tax computation for 2008 Notes Schedule D Case I (1) 16,000 Pre-trading expenses T(1) (10,000) Capital allowances (2) (172) 5,828 Schedule D Case III (3) Nil Schedule D Case IV (gross) (4) 7,500 Schedule D Case V (from part (a)) 16,825 Schedule E Salary 30,000 60,153 Less allowable retirement annuity premiums (5) (8,957) Gross income 51,196 Less charges (6) Nil Less reliefs Qualifying medical expenses (7) (650) Taxable income 50,546 15

3 Notes Tax payable 39,400 at 20% (8) 7,880 7,500 at 20% 1,500 3,646 at 41% 1,495 10,875 Less Non refundable tax credits Single persons 1,830 Single parent 1,830 PAYE 1,830 DIRT 1,500 (6,990) 3,885 Less refundable tax credits PAYE deducted (5,000) Tax refund (1,115) Notes (1) Commencement to trade: As Dan commenced to trade on 1 September 2008, the tax year in which Dan will have Case I income for the first time is His income assessable in 2008 is therefore his actual income from 1 September to 31 December Income for year ended 31 August ,000 Applicable to ,000 x 4/12 16,000 (2) Capital allowances: Computer: Cost including VAT 5,000 Cost excluding VAT 5,000/1 21 4,132 Wear and tear at 12 5% 517 Restrict in accordance with length of the accounting period Four months 517 x 4/ Car: No capital allowances are available on the car for 2008 as the asset is not put into use/purchased until 1 January (3) Property C: While this property is located in the UK Dan is still liable to pay Irish income tax on profits from this source. As an Irish resident and domiciled individual he is liable to be taxed on his world-wide income. Income Rent from 1 October to 31 December 2008, 36,000X 3/12 9,000 Expenses Allowable interest from 1 October to 31 December ,100 x 3 (6,300) Other expenses, allow for September to December 2008 only 12,000 x 3/12 (3,000) Net income/(loss) (300) This loss can only be relieved against other Case III income arising in the same year or be carried forward against future Case III income. (4) Case IV income Net of DIRT 6,000, gross up, 6,000/0 8 7,500 (5) Retirement annuity premium Dan is allowed to claim relief in 2008 as the premium was paid before the filing date of 31 October Dan is aged 43 so the maximum claimable rate of relief is 25% of his earned income. His earned income is 35,828 ( 5, ,000) which at 25%, gives relief of 8,957. Dan has paid pension contributions this year of 12,000. He will be entitled to claim relief on the balance of 3,043 in 2009 or in subsequent years as long as he has adequate earned income. (6) Relief for charges There is no relief for maintenance paid in respect of a child. However, Dan is eligible for single parent allowance instead. 16

4 (7) Qualifying medical expenses. Self 350 Kevin 300 Total 650 (8) The single parent tax band for 2008 is 39,400 at the standard rate of 20%. Tutorial note of pre-trading expenses: Revenue expenditure incurred within three years prior to the commencement of trading is deductible where the following conditions are met: (a) The expense is of a type which would normally be allowed as a trading expense (b) The expense can only be offset against income from the trade. (c) The relief is only available for new businesses. (c) The tax outstanding must be paid no later than the filing date, i.e. by 31 October 2009 (or 17 November 2009 if filing on line). 2 Moon Ltd (a) Adjusted Case I income for the year ended 31 December 2008 Note Loss before tax (112,000) Less Other income (73,000) Capital allowances (85,000) (270,000) Add disallowed expenses Depreciation 120,000 Motor expenses (1) 4,600 Repairs and maintenance (2) 5,000 Legal and professional fees (3) 11,000 Other expenditure (4) 5, ,200 Case I loss (123,800) (1) The lease payment for managing director s car amounted to 7,000. The car was leased after 1 July 2008 so the new regime for calculating leasing charges allowable based on CO 2 emission levels will apply. As it is a Category D car the disallowance is: 7,000 x 35,000 ( 24,000 * 50%) = 4,600 disallowed. 35,000 (2) Repairs and maintenance: The installation of the new security barrier is capital expenditure. (3) Legal and professional fees Disallowed items: Planning permission for shop extension 8,000 Tax advice on personal tax planning 3,000 11,000 (4) Other expenditure Disallowed items: Interest on late payment of corporation tax 4,100 Donation to the election fund of the local TD 1,500 5,600 17

5 (b) (i) Total profits and corporation tax liability for 2007 and 2008 Notes Case I 10,000 Nil Less loss relief (s.396a) (1) (10,000) Nil Nil Nil Case III 5,000 11,000 Case IV 7,000 2,000 Total income/profits 12,000 13,000 Corporation tax at 25% 3,000 3,250 Less loss relief 2008 (s.396b) (2) (3,250) Less loss relief 2007 (s.396b) (3) (3,000) Corporation tax due Nil Nil Notes (1) Trade loss available for relief December 2008 (123,800) Claim relief first against trading income of the previous 12 months (s.396a) 10,000 Loss available for relief against other income on a value basis (113,800) (2) Loss relief on a value basis for 2008 Loss relief can be claimed on a value basis against tax on all other income in 2008: Loss offset against all other income in 2008 (s.396b) 3,250/ ,000 Loss available for carry back to 2007 (87,800) (3) Loss relief on a value basis for 2007 Loss relief can be claimed on a value basis against tax on all other income in Loss offset against all other income in 2007 (s.396b) 3,000/ ,000 Loss unrelieved at 31 December 2008 and available for group relief (63,800) (ii) Corporation tax of Star Ltd for 2007 and Notes Case I 60,000 10,000 Group relief from Moon Ltd (s.420a) (1) n/a (10,000) Case III 5,000 2,000 Total income/profits 65,000 2,000 Corporation tax at 12 5% 7,500 0 Corporation tax at 25% 1, Less loss relief 2008 group relief from Moon Ltd (s.420b) (2) nil (500) Loss relief for 2007 is not available, as group relief cannot be carried back Corporation tax due 8,750 Nil Note: Loss available for group relief, from Moon Ltd (from (i)) (63,800) Claimed against current trading profits 10,000 Claimed against passive income on a value basis, 500/ ,000 Loss unused available for carry forward by Moon Ltd against future trading profits only. (49,800) (c) (i) Moon Ltd s corporation tax return filing date is 21 September (ii) Where a company s corporation tax return is submitted after the due date, but is filed within two months of the due date, there is a 25% restriction on the amount of relief which would otherwise have been available. This restriction is limited to a maximum of 31,740. Where a company s corporation tax return is submitted more than two months late, there is a 50% restriction on the amount of relief which would otherwise have been available. This restriction is limited to a maximum of 158,

6 3 Sean and Deirdre Hopkins (a) (1) Apartment at market value January ,000 Deduct Market value at date of inheritance May ,000 Indexation factor, Indexed cost (377,640) Gain 42,360 (2) The sailing boat is a wasting asset and thus exempt from capital gains tax, thus the loss on disposal is not allowed. (3) Compensation for warehouse 80,000 Less legal costs (2,000) Net proceeds 78,000 Reinvested 50,000 Proceeds not re-invested 30,000 Gain on the part disposal: Net sales proceeds 78,000 The allowable cost is calculated according to the formula: Original cost of asset x = 10,000 x Sales proceeds Sales proceeds + market value of remainder 28,000 28, ,000 2,593 Indexation factor Indexed cost (3,093) Gain 74,907 Gain restricted to proceeds not re-invested of 30,000 (4) Sales proceeds from silver tea set 2,800 Cost 1,200 Indexation factor Indexed cost (1,454) Gain 1,346 CGT at 20% 269 Marginal relief Sales proceeds 2,800 Less exemption limit (2,540) 260 Tax at the marginal rate of 50% 130 In order to minimise her tax liability, Deirdre will avail of marginal relief. 19

7 Summary of Sean and Deirdre s gains and calculation of capital gains tax: Sean Deirdre Gain 1 Sean 42,360 Gain 2 Gain 3 Deirdre 30,000 Gain 4 Use marginal relief Total gains 42,360 30,000 Less loss forward 20,000 10,000 Less annual exemption, both Sean and Deirdre have gains 1,270 1,270 Taxable 41,090 8,730 Tax at 20% 8,218 1,746 Tax on gain Total tax payable 8,218 1,876 (b) As Sean is Irish resident and domiciled he is liable to pay Irish capital gains tax on his world-wide gains. Sean has made a capital gain on a property in Spain and regardless as to whether he remits the proceeds into Ireland or leaves the proceeds in a Spanish bank account, the profit he made on the disposal is liable to Irish capital gains tax. Sean will be able to take credit for any Spanish capital gains tax paid on the transaction. 4 (a) A supply of a service that is exempt from value added tax (VAT) means that VAT is not applied to the transaction, whereas with a zero rated service, VAT is applied at 0%. The impact of both zero rating and exempt is that a customer pays only for the cost of the service. Initially it may appear that a VAT exempt supply is similar to a VAT supply that is zero rated, but this is not the case. A trader supplying a service that is zero rated is required to register for VAT (where his/her turnover exceeds the registration limits), must retain all sales and purchase records and can recover VAT charged on supplies made to him/her. Generally speaking, the exempt trader regardless of turnover level cannot register for VAT and as a consequence of this, he/she cannot recover the VAT charged to him/her by other VAT registered traders. (b) (c) A VAT registered trader is unable to deduct input VAT in any of the following circumstances: (i) The purchase was not for the purpose of the trade but for the personal use of the owner, employee or some other individual (ii) The trader has not received a valid VAT invoice (iii) The VAT was incurred on the purchase of a good or service that is used in the course of making an exempt supply (iv) The specific item being purchased is not allowed to be claimed in the VAT legislation, e.g. VAT on the purchase of motor vehicles, on petrol, entertainment. The two thirds rule applies to both moveable and immovable goods where there is a contract for the supply of services. The contract must be for the supply of services and not for the supply of goods. Where the VAT exclusive cost of the goods in the contract is less than two-thirds of the contract price, the rate of VAT applicable to the entire supply is that applicable to the supply of the service. Where the VAT exclusive cost of the goods in the contract is more than two-thirds of the contract price, the rate of VAT applicable to the entire supply is that applicable to the supply of the goods. In order to avoid this, a trader should show separate consideration being received for the goods and the service and hence it would be possible to apply the VAT rate for the goods to the goods portion, and the VAT rate for the service to the service portion only. 20

8 5 Tot Ltd As the company has prepared its accounts for 19 months, the period will be divided into two accounting periods for corporation tax purposes, the first of which is of 12 months duration: Notes Year ended Period ended 30 June January 2008 Case I income (1) 144,000 84,000 Less capital allowances (2) (10,000) (10,448) 134,000 73,552 Case III (3) 20,000 14,000 Case V nil 14,000 Total income 154, ,552 Adjusted gain (4) nil 32,000 Total profits 154, ,552 Tax at 12 5% 16,750 13,194 Tax at 25% 5,000 7,000 Total tax 21,750 20,194 Notes (1) Case I income is apportioned over the two accounting periods on a time basis: 228,000/19 x 12 = 144,000 for year to 30 June ,000/19 x 7 = 84,000 for period ending 31 January (2) Capital allowances: Delivery van Shop equipment Additions 1 July ,000 50,000 Wear and tear 12 5% 2007 (3,750) (6,250) Tax written down value at 30 June ,250 43,750 Additions (note 1) 35,000 nil Disposals (26,250) nil 35,000 43,750 Wear and tear 12 5% (note 2) 2008 (2,552) (3,646) Tax written down value at 31 January ,448 40,104 Summary of allowance: Delivery van Shop equipment Total Year ended 30 June 2007 Wear and tear 3,750 6,250 10,000 Period ended 31 January 2008 Wear and tear 2,552 3,646 6,198 Balancing allowance 4,250 4,250 10,448 Notes (1) Delivery van is disposed of in September Sales proceeds 22,000 Tax written down value (26,250) Balancing allowance (4,250) (2) The capital allowances for 2008 are restricted in accordance with the length of the accounting period, which is seven months. Delivery van Shop equipment Wear and tear at 12 5% 4,375 6,250 Adjust for seven months 2,552 3,646 21

9 (3) The Case III source commenced on 1 September 2006 and so it arose over 17 months. It will therefore be divided between the two periods as to 10/17 for the first accounting period and 7/17 to the second period. Year to 30 June 2007, 34,000 x 10/17 = 20,000 Period to 31 January 2008, 34,000 x 7/17 = 14,000 (4) Adjusted gain: Sales proceeds October ,000 Cost August 2006 (40,000) Profit on disposal 20,000 Adjust gain for corporation tax purposes: ( 20,000 x 20%)/ ,000 22

10 Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Ireland) June 2009 Marking Scheme Marks 1 (a) Property A, Rental income May to December 0 5 Lease premium taxed as rental income 1 5 Allowable interest, time apportioned 1 Property B, Rent January to April 0 5 Rent July to December 0 5 Interest allow all 12 months 1 Painting 0 5 Advertising 0 5 Refuse charges 0 5 Capital allowances on new furniture 1 Summary/net Case V income (b) Schedule D Case I 1 Pretrading expenses 1 Capital allowances Computer Exclude VAT 0 5 Wear and tear at 12 5% 0 5 Restrict for length of accounting period 1 Car No allowances as not in use until Schedule D Case III Income as a Case III source 1 Income for three months only 0 5 Interest for three months only 0 5 Expenses for three months only 0 5 Schedule D Case IV grossed up 0 5 Schedule D Case V (from part (a)) 0 5 Schedule E salary 0 5 Allowable retirement premiums Can claim in Amount of relief available 1 Maintenance of child as nil 1 Qualifying medical expenses 1 Use of single parent tax band tax calculation 1 Non refundable tax credits Single person 0 5 Single parent 0 5 PAYE 0 5 DIRT 0 5 Refundable tax credit PAYE paid (c) Due date of payment

11 Marks 2 (a) Loss before tax 0 5 Less other income 0 5 Less capital allowances 0 5 Disallow Depreciation 0 5 Motor expenses 2 Repairs and maintenance New security barrier 0 5 Legal and professional fees Planning permission 0 5 Personal tax advice 1 Other expenditure Interest on late payment of tax 0 5 Donation to election fund 0 5 No adjustment for Managing director s salary 0 5 Repainting of outside premises 0 5 Defence of unfair dismissal claim 0 5 Provision for repair to roof 1 Donation to approved charity (b) (i) 2007 Case I income 0 5 Loss relief (s.396a) 1 Case III and Case IV 0 5 Corporation tax at 25% 0 5 Loss relief on a value basis (s.396b) Case I income 0 5 Case III and IV 0 5 Corporation tax at 25% 0 5 Loss relief on a value basis (s.396b) 1 5 Loss unrelieved and available for group relief 1 8 (ii) 2008 Case I income 0 5 Group relief (s.420a) 1 Case III 0 5 Corporation tax at 12 5% 0 5 Loss relief on a value basis (s.420b) No loss relief available 1 Loss unused available for carry forward in Moon Ltd 1 Corporation tax at 25% 0 5 Corporation tax at 12 5% (c) (i) Date for filing return 1 (ii) Identify that there is loss restriction in place 1 Loss restriction where filing is less than two months late 1 5 Loss restriction where filing is more than two months late

12 Marks 3 (a) 1 Apartment at market value 1 Deduct market value at May Indexation factor Exempt asset Compensation for warehouse 1 Less legal costs 1 Less amount re-invested 1 Part disposal formula to determine the cost of the asset 2 Indexation factor Sale proceeds from silver tea set 0 5 Less indexed cost 0 5 Tax at 20% 0 5 Marginal relief Sales proceeds 0 5 Less exemption limit 1 Tax at 50% 1 Use marginal relief 1 Divide gains correctly between Sean and Dierdre 0 5 Use loss forward before annual exemption 1 Use both annual exemptions at correct stage in computation 0 5 Tax gains at 20% 0 5 Add marginal rate charge re Dierdre (b) As Sean is Irish domiciled and resident he is liable to Irish capital gains tax on his world wide income/gains 1 Whether or not proceeds remitted 0 5 Double tax relief available (a) Explain what is meant by an exempt supply 1 Explain what is meant by a zero rated supply 1 Supplier of an exempt service cannot register for VAT 1 Supplier of a zero rated service must register where threshhold turnover limits are exceeded, or may choose to register 1 Can reclaim VAT on inputs 1 5 (b) Purchase is for personal use 1 No valid VAT invoice 1 Purchase used in the course of making an exempt supply 1 Item specifically disallowed by statute, giving examples 2 5 (c) The supply of the service must be the main intention of the contract. 1 Look at the percentage value of the goods in relation to the whole contract 1 If less than two thirds then VAT applies to the whole invoice as though a service 1 If more than two thirds then the VAT applies to the whole invoice as though a good is being supplied. 1 How to avoid the higher rate being charged on the whole invoice value

13 Marks 5 Divide into two accounting periods, the first 12 months, the second seven months 1 5 Divide Case I income on a time basis 1 Divide Case III on a time basis 1 Allocate Case V income on an actual basis 1 Calculate capital gain and allocate on an actual basis 1 Adjust the gain for corporation tax purposes 0 5 For year ending 30 June 2007 calculate a full years capital allowances on delivery van and shop equipment. 1 For period ending 31 January 2008 calculate capital allowances on new delivery van and shop equipment, but only allow for seven months, as this is the length of the accounting period. 1 5 Calculate the balancing allowance on the disposal of the original van 0 5 Calculate the corporation tax liabilities at the correct rates

Fundamentals Level Skills Module, Paper F6 (IRL)

Fundamentals Level Skills Module, Paper F6 (IRL) Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) 1 James and Audrey December 2013 Answers and Marking Scheme Marks (a) (i) Audrey s Schedule D Case II income for 2012 Net profit

More information

Fundamentals Level Skills Module, Paper F6 (IRL)

Fundamentals Level Skills Module, Paper F6 (IRL) Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) Section B June 2018 Answers and Marking Scheme 1 (a) Tony Capital gains tax (CGT) liability for 2017 (1) Share disposal Index Sales

More information

Fundamentals Level Skills Module, Paper F6 (IRL)

Fundamentals Level Skills Module, Paper F6 (IRL) Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) June 215 Answers and Marking Scheme Section A 1 C 33, Current year basis for 214 is 36, less the revision downwards caused by the

More information

Fundamentals Level Skills Module, Paper F6 (IRL)

Fundamentals Level Skills Module, Paper F6 (IRL) Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) 1 Martin and Breda June 2014 Answers and Marking Scheme (a) Schedule D Case II income for 2012 and 2013 2012 Original assessment

More information

Fundamentals Level Skills Module, Paper F6 (IRL)

Fundamentals Level Skills Module, Paper F6 (IRL) Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) December 2008 Answers 1 (a) Tom Dunne s Case 1 assessments: Applying the normal commencement rules, Tom s income assessable would

More information

1 (a) Chris Value added tax (VAT) liability for September/October 2015 Value VAT VAT

1 (a) Chris Value added tax (VAT) liability for September/October 2015 Value VAT VAT Answers Section B 1 (a) Chris Value added tax (VAT) liability for September/October 215 Value VAT VAT rate amount Output VAT Irish customers (19, + 15,) 25, 23% 47,15 UK customers 3, % Purchases from Germany

More information

Foundations in Taxation (Ireland)

Foundations in Taxation (Ireland) FOUNDATIONS IN ACCOUNTANCY Foundations in Taxation (Ireland) Pilot Paper Time allowed: Writing: 2 hours This paper is divided into two sections: Section A ALL TEN questions are compulsory and MUST be attempted

More information

ACCA Certified Accounting Technician Examination Paper T9 (IRL) Preparing Taxation Computations (Irish)

ACCA Certified Accounting Technician Examination Paper T9 (IRL) Preparing Taxation Computations (Irish) Answers ACCA Certified Accounting Technician Examination Paper T9 (IRL) Preparing Taxation Computations (Irish) December 29 Answers and Marking Scheme Section A 1 C As the employee travels less than 15,

More information

Fundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) Richard Tryer Income tax computation

Fundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) Richard Tryer Income tax computation Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 204 Answers and Marking Scheme Marks (a) Richard Tryer Income tax computation 203 4 Trading profit (working ),592

More information

Fundamentals Level Skills Module, Paper F6 (IRL)

Fundamentals Level Skills Module, Paper F6 (IRL) Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) 1 Marie and Sean December 2014 Answers and Marking Scheme Marks (a) Marie s taxable lump sum on the termination of her employment

More information

Advanced Taxation Republic of Ireland. Sample Paper 1 Questions & Suggested Solutions

Advanced Taxation Republic of Ireland. Sample Paper 1 Questions & Suggested Solutions Advanced Taxation Republic of Ireland Questions & Suggested Solutions NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide guidance

More information

Market value 144,000 Limit (75,000) 69,000. Trading profit 29,700 Capital allowances (300) 29,400 Salary paid to Art (6,000 x 4/12) (2,000) 27,400

Market value 144,000 Limit (75,000) 69,000. Trading profit 29,700 Capital allowances (300) 29,400 Salary paid to Art (6,000 x 4/12) (2,000) 27,400 Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 2012 Answers 1 (a) Flick Pick Taxable income 2011 12 Employment income Salary 23,700 Living accommodation Annual value

More information

Fundamental Level Skills Module, Paper F6 (IRL) VAT on sales Tour sales Courier Food Food Food Total Exempt 23% 23% 9% 0% VAT

Fundamental Level Skills Module, Paper F6 (IRL) VAT on sales Tour sales Courier Food Food Food Total Exempt 23% 23% 9% 0% VAT Answers Fundamental Level Skills Module, Paper F6 (IRL) Taxation (Irish) Section B December 2017 Answers and Marking Scheme 1 Comfort Line Ltd Value added tax (VAT) computation for July/August 2016 VAT

More information

Fundamentals Level Skills Module, Paper F6 (CYP)

Fundamentals Level Skills Module, Paper F6 (CYP) Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) Alexis and Maria Pambos June 203 Answers and Marking Scheme Marks Capital/(net worth) statement for the period January 2007 to

More information

Paper F6 (IRL) Taxation (Irish) Monday 1 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (IRL) Taxation (Irish) Monday 1 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Irish) Monday 1 December 2008 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates

More information

FoRMaTioN 2 ExaMiNaTioN - april 2018

FoRMaTioN 2 ExaMiNaTioN - april 2018 TaxaTioN FoRMaTioN 2 ExaMiNaTioN - april 2018 NoTES: Section a - You are required to answer Questions 1, 2 and 3. Section B - You are required to answer any two out of Questions 4, 5 and 6. Should you

More information

Paper F6 (IRL) Taxation (Irish) Thursday 8 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (IRL) Taxation (Irish) Thursday 8 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Irish) Thursday 8 June 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory and MUST

More information

Advanced Taxation Republic of Ireland. Sample Paper 1 Questions & Suggested Solutions

Advanced Taxation Republic of Ireland. Sample Paper 1 Questions & Suggested Solutions Advanced Taxation Republic of Ireland Sample Paper 1 Questions & Suggested Solutions NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended

More information

TAXATION FORMATION 2 EXAMINATION - AUGUST 2010

TAXATION FORMATION 2 EXAMINATION - AUGUST 2010 TAXATION FORMATION 2 EXAMINATION - AUGUST 2010 NOTES: You are required to answer a total of five questions. Questions 1, 2, 3 and 4 are compulsory. You are also required to answer either Question 5 or

More information

A Revenue Guide to Rental Income

A Revenue Guide to Rental Income A Revenue Guide to Rental Income Contents Introduction 2 What types of rental income are there? 2 What expenses can be claimed? 3 What is the position with regard to interest paid on borrowings? 4 What

More information

Accounting Technicians Ireland. Paper: ADVANCED TAXATION (Northern Ireland) Thursday 17 August p.m. to 5.30 p.m.

Accounting Technicians Ireland. Paper: ADVANCED TAXATION (Northern Ireland) Thursday 17 August p.m. to 5.30 p.m. Accounting Technicians Ireland 2 nd Year Examination: August 2017 Paper: ADVANCED TAXATION (Northern Ireland) Thursday 17 August 2017 2.30 p.m. to 5.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY

More information

Reed Case V profits 310, ,000 Corporation tax at 25% 77,500 95,000. Group relief from VLL (58,750)

Reed Case V profits 310, ,000 Corporation tax at 25% 77,500 95,000. Group relief from VLL (58,750) Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) December 2010 Answers 1 Briefing notes for a meeting with John and Martha Heaney Prepared by: Tax assistant Date: 10

More information

Guide to Rental Income

Guide to Rental Income IT 70 Guide to Rental Income RPC005763_EN_WB_L_1 Contents Introduction 3 Types of Rental Income 4 What Expenditure can be Deducted? 4 Interest on Borrowings 5 Wear and Tear 6 Tax Incentive Schemes 6 What

More information

TAXATION FORMATION 2 EXAMINATION - APRIL 2009

TAXATION FORMATION 2 EXAMINATION - APRIL 2009 TAXATION FORMATION 2 EXAMINATION - APRIL 2009 NOTES: You are required to answer a total of five questions. Questions 1, 2, 3 and 4 are compulsory. You are also required to answer either Question 5 or 6.

More information

Taxation Northern Ireland. Sample Paper 3 Questions & Suggested Solutions

Taxation Northern Ireland. Sample Paper 3 Questions & Suggested Solutions Taxation Northern Ireland Sample Paper 3 Questions & Suggested Solutions INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY For candidates answering in accordance with the law and practice of the Northern

More information

Advanced Taxation Republic of Ireland

Advanced Taxation Republic of Ireland Advanced Taxation Republic of Ireland 2 nd Year Examination May 2015 Exam Paper, Solutions & Examiner s Comments Page 1 of 16 NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published

More information

Advanced Taxation Republic of Ireland. Sample Paper / 2018 Questions & Suggested Solutions

Advanced Taxation Republic of Ireland. Sample Paper / 2018 Questions & Suggested Solutions Advanced Taxation Republic of Ireland Sample Paper 2 2017 / 2018 Questions & Suggested Solutions NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are

More information

Professional Level Options Module Paper P6 (IRL) 1 John Field. Memorandum

Professional Level Options Module Paper P6 (IRL) 1 John Field. Memorandum Answers Professional Level Options Module Paper P6 (IRL) Advanced Taxation (Irish) December 2014 Answers 1 John Field To: Tax manager From Tax senior Re: John Field, taxation issues Date: 3 October 2013

More information

Fundamentals Level Skills Module, Paper F6 (CYP)

Fundamentals Level Skills Module, Paper F6 (CYP) Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) December 205 Answers and Marking Scheme Section A C Accounting profit 5,000 Less: Corporation tax (5,000) 00,000 Deemed distribution

More information

INTRODUCTION. Situations should be viewed separately based on specific facts of each scenario.

INTRODUCTION. Situations should be viewed separately based on specific facts of each scenario. TAX FACTS 2018 CONTENTS INTRODUCTION... 3 PERSONAL INCOME TAX... 4 CORPORATION TAX... 8 SOCIAL INSURANCE... 12 SPECIAL CONTRIBUTION FOR DEFENCE... 13 INTELLECTUAL PROPERTY... 16 VALUE ADDED TAX... 18 CAPITAL

More information

Paper F6 (IRL) Taxation (Irish) Specimen questions for June Fundamentals Level Skills Module

Paper F6 (IRL) Taxation (Irish) Specimen questions for June Fundamentals Level Skills Module Fundamentals Level Skills Module Taxation (Irish) Specimen questions for June 2015 Time allowed This Reading is and not planning: a full specimen 15 minutes paper, it is a selection of specimen Writing:

More information

TAXATION FORMATION 2 EXAMINATION - APRIL 2017

TAXATION FORMATION 2 EXAMINATION - APRIL 2017 TAXATION FORMATION 2 EXAMINATION - APRIL 2017 NOTES: Section A - You are required to answer Questions 1, 2 and 3. Section B - You are required to answer any two out of Questions 4, 5 and 6. Should you

More information

Paper F6 (IRL) Taxation (Irish) Thursday 7 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (IRL) Taxation (Irish) Thursday 7 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Irish) Thursday 7 December 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory and

More information

Fundamentals Level Skills Module, Paper F6 (MWI)

Fundamentals Level Skills Module, Paper F6 (MWI) Answers Fundamentals Level Skills Module, Paper F6 (MWI) Taxation (Malawi) June 203 Answers and Marking Scheme Marks (a) Calculation of capital gain or losses for the year ended 3 December 202 Office building

More information

Fundamentals Level Skills Module, Paper F6 (MLA)

Fundamentals Level Skills Module, Paper F6 (MLA) Answers Fundamentals Level Skills Module, Paper F6 (MLA) Taxation (Malta) Section B December 2017 Answers and Marking Scheme 1 (a) Happy Shoppers Limited (HSL) The transaction constitutes an importation

More information

Billy Income Tax Computation 2014/15 Non-savings income Savings income Total

Billy Income Tax Computation 2014/15 Non-savings income Savings income Total December 2015 Examinations 165 ANSWERS TO EXAMPLES Chapter 1 (a) (b) (c) (d) (e) (f) Income Tax and NIC - both direct taxes Corporation tax on profits and NIC in respect of employees - both direct taxes.

More information

Fundamentals Level Skills Module, Paper F6 (UK)

Fundamentals Level Skills Module, Paper F6 (UK) Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) December 2009 Answers 1 (a) 200506 (1 January 2006 to 5 April 2006) 25,200 x /6 12,600 200607 (1 January 2006 to 1 December

More information

Fundamentals Level Skills Module, Paper F6 (MLA)

Fundamentals Level Skills Module, Paper F6 (MLA) Answers Fundamentals Level Skills Module, Paper F6 (MLA) Taxation (Malta) Section B June 2017 Answers and Marking Scheme Marks 1 Island Insurance Limited (a) Island Insurance Limited is engaged exclusively

More information

Fundamentals Level Skills Module, Paper F6 (CYP) Capital (net worth) statement 1 January 31 December

Fundamentals Level Skills Module, Paper F6 (CYP) Capital (net worth) statement 1 January 31 December Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) Mr Ourin December 00 Answers and Marking Scheme Marks (a) (b) Capital (net worth) statement January 3 December 004 009 Assets

More information

Examiner s report F6 (IRL) Taxation December 2017

Examiner s report F6 (IRL) Taxation December 2017 Examiner s report F6 (IRL) Taxation December 2017 General Comments There were two sections to the examination paper and all questions were compulsory. Section A consisted of 15 multiple choice questions

More information

Fundamentals Level Skills Module, Paper F6 (MLA)

Fundamentals Level Skills Module, Paper F6 (MLA) Answers Fundamentals Level Skills Module, Paper F6 (MLA) Taxation (Malta) 1 Paul and Maria June 2014 Answers and Marking Scheme (a) Chargeable income for the year of assessment 2014 Maria s earned income

More information

Paper F6 (IRL) Taxation (Irish) Thursday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants F6 IRL ACCA

Paper F6 (IRL) Taxation (Irish) Thursday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants F6 IRL ACCA Fundamentals Level Skills Module Taxation (Irish) Thursday 7 June 2018 F6 IRL ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory

More information

Fundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) John Beach Income tax computation

Fundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) John Beach Income tax computation Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 203 Answers and Marking Scheme Marks (a) John Beach Income tax computation 202 3 Employment income Director s remuneration

More information

Section A 1 D 2 A. 4 A US$ Medical credit 50% x (US$ US$2 000) Disabled person credit

Section A 1 D 2 A. 4 A US$ Medical credit 50% x (US$ US$2 000) Disabled person credit Answers Applied Skills, TX ZWE Taxation Zimbabwe (TX ZWE) December 2018 Answers and Marking Scheme Section A 1 D 2 A 3 B Industrial building: 5% x 200 000 wear and tear calculated on cost 10 000 Plant

More information

Taxation II Republic of Ireland 2 nd Year Examination

Taxation II Republic of Ireland 2 nd Year Examination Taxation II Republic of Ireland 2 nd Year Examination August 2011 Paper, Solutions & Examiner s Report 1 NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting

More information

Paper FTX (UK) Foundations in Taxation (United Kingdom) FOUNDATIONS IN ACCOUNTANCY. Pilot Paper. The Association of Chartered Certified Accountants

Paper FTX (UK) Foundations in Taxation (United Kingdom) FOUNDATIONS IN ACCOUNTANCY. Pilot Paper. The Association of Chartered Certified Accountants FOUNDATIONS IN ACCOUNTANCY Foundations in Taxation (United Kingdom) Pilot Paper Time allowed: Writing: 2 hours This paper is divided into two sections: Section A ALL TEN questions are compulsory and MUST

More information

Fundamentals Level Skills Module, Paper F6 (CYP)

Fundamentals Level Skills Module, Paper F6 (CYP) Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) Section B June 206 Answers and Marking Scheme Marks Charalambos (a) Value added tax (VAT) return for the quarter ended 30 September

More information

Advanced Taxation. Republic of Ireland (ROI) Suggested Solutions to Practice Questions. Professional, Practical, Proven

Advanced Taxation. Republic of Ireland (ROI) Suggested Solutions to Practice Questions. Professional, Practical, Proven Advanced Taxation Republic of Ireland (ROI) Suggested Solutions to Practice Questions Professional, Practical, Proven www.accountingtechniciansireland.ie Table of Contents Part A:... 2 Part B:... 7 Part

More information

IMPORTANT ECONOMIC INCENTIVES Article by Liam Grimes, Director of Tax, KPMG, Moderator Professional 2 Advanced Taxation.

IMPORTANT ECONOMIC INCENTIVES Article by Liam Grimes, Director of Tax, KPMG, Moderator Professional 2 Advanced Taxation. IMPORTANT ECONOMIC INCENTIVES Article by Liam Grimes, Director of Tax, KPMG, Moderator Professional 2 Advanced Taxation. The changes introduced in Finance (No. 2) Act 2008 to research and development tax

More information

Chapter 11 Tax System

Chapter 11 Tax System Chapter 11 Tax System www.pwc.com/mt/doingbusiness Doing Business in Malta Principal taxes The principal taxes under Maltese law are: Income tax, which includes tax on income and on capital gains of individuals,

More information

Fundamentals Level Skills Module, Paper F6 (BWA)

Fundamentals Level Skills Module, Paper F6 (BWA) Answers Fundamentals Level Skills Module, aper F6 (BWA) Taxation (Botswana) Section B June 207 Answers and Marking Scheme Tau Industries Net disposal gain Repair division Sale of goodwill,750 Less: 25%

More information

Professional Level Options Module, Paper P6 (IRL) 1 Briefing notes for meeting with Neil Crosby and Kate Harris

Professional Level Options Module, Paper P6 (IRL) 1 Briefing notes for meeting with Neil Crosby and Kate Harris Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) June 2017 Answers 1 Briefing notes for meeting with Neil Crosby and Kate Harris Prepared for: Tax manager By: Tax senior

More information

TAXATION FORMATION 2 EXAMINATION - AUGUST 2008

TAXATION FORMATION 2 EXAMINATION - AUGUST 2008 TAXATION FORMATION 2 EXAMINATION - AUGUST 2008 NOTES: You are required to answer a total of five questions. Questions 1, 2, 3 and 4 are compulsory. You are also required to answer either Question 5 or

More information

Section A. 1 D All other statements are FALSE about tax evasion 2 B 21,400 (20, ,000) 3 A 49,050 (50, ) 4 B 31,250

Section A. 1 D All other statements are FALSE about tax evasion 2 B 21,400 (20, ,000) 3 A 49,050 (50, ) 4 B 31,250 Answers Applied Skills, TX CYP Taxation Cyprus (TX CYP) December 208 Answers and Marking Scheme Section A D All other statements are FALSE about tax evasion 2 B 2,400 (20,400 +,000) 3 A 49,050 (50,000

More information

High Income Individuals Restriction Tax Year 2010 onwards

High Income Individuals Restriction Tax Year 2010 onwards High Income Individuals Restriction Tax Year 2010 onwards Chapter 15.02A.05 Document last reviewed May 2017 Table of Contents 1. Introduction...3 2. How Does the Restriction Work?...3 3. To Whom Does the

More information

Professional Level Options Module, Paper P6 (IRL) 1 Walter Osborne

Professional Level Options Module, Paper P6 (IRL) 1 Walter Osborne Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) December 2016 Answers 1 Walter Osborne Chartered Certified Accountants Any street Any town 8 November 2015 Mr Walter

More information

Fundamentals Level Skills Module, Paper F6 (ZWE)

Fundamentals Level Skills Module, Paper F6 (ZWE) Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) Matt Thomas June 0 Answers and Marking Scheme (a) (i) Operation of the PAYE system: PAYE is deducted on a monthly basis by an

More information

QUESTION ONE MR. KIOGORA TOTAL TAXABLE AND TAX PAYABLE YEAR Sh.p.a. Sh.

QUESTION ONE MR. KIOGORA TOTAL TAXABLE AND TAX PAYABLE YEAR Sh.p.a. Sh. QUESTION ONE (a) Self MR. KIOGORA TOTAL TAXABLE AND TAX PAYABLE YEAR 21 Sh.p.a. Sh. Employment income Earnings (Sh.16, x 12 months) End year bonus Road licence and insurance (private expenses) Maintenance

More information

Advanced Taxation Republic of Ireland

Advanced Taxation Republic of Ireland Advanced Taxation Republic of Ireland 2 nd Year Examination May 2016 Exam Paper, Solutions & Examiner s Comments Page 1 of 30 NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published

More information

Advanced Taxation Republic of Ireland

Advanced Taxation Republic of Ireland Advanced Taxation Republic of Ireland nd Year Examination May 04 Exam Paper, Solutions & Examiner s Report Advanced Taxation (ROI) May 04 nd Year Paper NOTES TO USERS ABOUT THESE SOLUTIONS The solutions

More information

Professional Level Options Module, Paper P6 (IRL) 1 Lorraine Smith. Chartered Certified Accountants. Any street Any town.

Professional Level Options Module, Paper P6 (IRL) 1 Lorraine Smith. Chartered Certified Accountants. Any street Any town. Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) June 2018 Answers 1 Lorraine Smith Mrs Lorraine Smith Any street Any town Re: Tax planning Dear Lorraine, Chartered Certified

More information

Fundamentals Level Skills Module, Paper F6 (ZWE)

Fundamentals Level Skills Module, Paper F6 (ZWE) Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) John Kyle June 03 Answers and Marking Scheme (a) (b) Factors which determine whether an engagement is treated as employment

More information

TAXS H2303: Taxation 1

TAXS H2303: Taxation 1 Module Title: Language of Instruction: Taxation 1 in Accounting Degree English Credits: 10 NFQ Level: 7 Module Delivered In 2 programme(s) Teaching & Learning Strategies: Lectures - communication of knowledge

More information

Paper F6 (IRL) Taxation (Irish) Tuesday 2 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (IRL) Taxation (Irish) Tuesday 2 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Irish) Tuesday 2 December 2014 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates

More information

Professional Level Options Module, Paper P6 (IRL)

Professional Level Options Module, Paper P6 (IRL) Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) December 2009 Answers 1 Report to: Taxation Manager on issues relating to Niall and Caroline Golden Prepared by: Taxation

More information

Professional Level Essentials Module Paper P6 (MLA)

Professional Level Essentials Module Paper P6 (MLA) Answers Professional Level Essentials Module Paper P6 (MLA) Advanced Taxation (Malta) December 2015 Answers 1 Tax Consultant 14, Main Street Birkirkara The Directors Malta Hold Ltd 12, Mill Street Mosta

More information

TAXATION FORMATION 2 EXAMINATION - AUGUST 2012

TAXATION FORMATION 2 EXAMINATION - AUGUST 2012 TAXATION FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer a total of five questions. Questions 1, 2, 3 and 4 are compulsory. You are also required to answer either Question 5 or

More information

emission rate in excess of 160 grams per kilometre, so 15% of the leasing costs are not allowed. (ii) Bayle Defender Income tax computation

emission rate in excess of 160 grams per kilometre, so 15% of the leasing costs are not allowed. (ii) Bayle Defender Income tax computation Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 2011 Answers 1 (a) (i) Bayle Defender Trading profit for the year ended 30 September 2010 Net profit 172,400 Impairment

More information

Professional Level Options Module, Paper P6 (UK) 1 Hahn Ltd group. (a)

Professional Level Options Module, Paper P6 (UK) 1 Hahn Ltd group. (a) Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) September/December 2016 Sample Answers 1 Hahn Ltd group (a) Memorandum Client Hahn Ltd group Subject Group loss

More information

Paper F6 (CYP) Taxation (Cyprus) Tuesday 2 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (CYP) Taxation (Cyprus) Tuesday 2 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Cyprus) Tuesday 2 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section A ALL 15 questions

More information

Paper P6 (IRL) Advanced Taxation (Irish) Friday 5 June Professional Level Options Module. The Association of Chartered Certified Accountants

Paper P6 (IRL) Advanced Taxation (Irish) Friday 5 June Professional Level Options Module. The Association of Chartered Certified Accountants Professional Level Options Module Advanced Taxation (Irish) Friday 5 June 2015 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A BOTH questions

More information

Fundamentals Level Skills Module, Paper F6 (UK) 1 (a) (i) Vanessa Serve Income tax computation

Fundamentals Level Skills Module, Paper F6 (UK) 1 (a) (i) Vanessa Serve Income tax computation Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) December 2007 Answers 1 (a) (i) Vanessa Serve Income tax computation 200607 Trading profit 52,400 Capital allowances (10,400

More information

Advanced Taxation Republic of Ireland

Advanced Taxation Republic of Ireland Advanced Taxation Republic of Ireland nd Year Examination August 04 Exam Paper, Solutions & Examiner s Report Advanced Taxation (ROI) August 04 nd Year Paper NOTES TO USERS ABOUT THESE SOLUTIONS The solutions

More information

Paper F6 (MLA) Taxation (Malta) Thursday 8 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (MLA) Taxation (Malta) Thursday 8 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Malta) Thursday 8 June 2017 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory and MUST

More information

Paper F6 (MLA) Taxation (Malta) Monday 2 June Fundamentals Level Skills Module. Time allowed

Paper F6 (MLA) Taxation (Malta) Monday 2 June Fundamentals Level Skills Module. Time allowed Fundamentals Level Skills Module Taxation (Malta) Monday 2 June 2008 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates and

More information

CONTRACT SI2.ICNPROCE

CONTRACT SI2.ICNPROCE CONTRACT SI2.ICNPROCE009493100 IMPLEMENTED BY FOR DEMOLIN, BRULARD, BARTHELEMY COMMISSION EUROPEENNE - HOCHE - - DG ENTREPRISE AND INDUSTRY - Study on Effects of Tax Systems on the Retention of Earnings

More information

Residential Property Letting Tax Guide

Residential Property Letting Tax Guide Residential Property Letting Tax Guide Moore Thompson: Creative solutions for all your accountancy needs How is tax calculated and when is it due? The amount on which tax is charged is the net rental income

More information

Tax Tables 2017/18. ** 31,500 in Scotland

Tax Tables 2017/18. ** 31,500 in Scotland Tax Tables 2017/18 Assisting finance professionals to pass industry exams and helping meet their CPD requirements with our accredited CPD system Wizard Learning Ltd 1. Income Tax rates 2. Personal Allowances

More information

Paper F6 (IRL) Taxation (Irish) Monday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants.

Paper F6 (IRL) Taxation (Irish) Monday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants. Fundamentals Level Skills Module Taxation (Irish) Monday 7 June 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates and

More information

Fundamentals Level Skills Module, Paper F6 (CYP)

Fundamentals Level Skills Module, Paper F6 (CYP) Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) Andreas and Koulla Koutsodaxtylos June 204 Answers and Marking Scheme Marks (a) Andreas Special defence contribution (SDC) for

More information

Accounting Technicians Ireland

Accounting Technicians Ireland Accounting Technicians Ireland 2 nd Year Examination: August 2017 Paper: ADVANCED TAXATION (Republic of Ireland) Thursday 17 August 2017 2.30 p.m. to 5.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY

More information

Fundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) Richard Feast Trading profit for the year ended 5 April 2013

Fundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) Richard Feast Trading profit for the year ended 5 April 2013 Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) December 03 Answers and Marking Scheme Marks (a) Richard Feast Trading profit for the year ended 5 April 03 Net profit

More information

Professional Level Options Module, Paper P6 (CYP) 1 Lambros Grain Trading Limited. (a)

Professional Level Options Module, Paper P6 (CYP) 1 Lambros Grain Trading Limited. (a) Answers Professional Level Options Module, Paper P6 (CYP) Advanced Taxation (Cyprus) December 2014 Answers 1 Lambros Grain Trading Limited (a) (b) Value added tax (VAT) treatment of purchases The grain

More information

ADVANCED TAXATION PROFESSIONAL 2 EXAMINATION - AUGUST 2008

ADVANCED TAXATION PROFESSIONAL 2 EXAMINATION - AUGUST 2008 ADVANCED TAXATION PROFESSIONAL 2 EXAMINATION - AUGUST 2008 NOTES: You are required to answer any 5 Questions. (If you provide answers to all questions, you must draw a clearly distinguishable line through

More information

Paper F6 (CYP) Taxation (Cyprus) Tuesday 3 December Fundamentals Level Skills Module. Time allowed

Paper F6 (CYP) Taxation (Cyprus) Tuesday 3 December Fundamentals Level Skills Module. Time allowed Fundamentals Level Skills Module Taxation (Cyprus) Tuesday 3 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates

More information

Fundamentals Level Skills Module, Paper F6 (CHN)

Fundamentals Level Skills Module, Paper F6 (CHN) Answers Fundamentals Level Skills Module, Paper F6 (CHN) Taxation (China) 1 (a) Company B June 2014 Answers and Marking Scheme (i) Enterprise income tax (EIT) treatment of items 1 The accrued termination

More information

Professional Level Options Module, Paper P6 (IRL)

Professional Level Options Module, Paper P6 (IRL) Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) June 2013 Answers 1 (a) The proposal to pay the fee in money s worth (the travel voucher) rather than money does not,

More information

Fundamentals Level Skills Module, Paper F6 (MLA)

Fundamentals Level Skills Module, Paper F6 (MLA) Answers Fundamentals Level Skills Module, Paper F6 (MLA) Taxation (Malta) Section A December 205 Answers and Marking Scheme Marks C A lease is the only item not included in the statutory definition of

More information

Advanced Taxation. Northern Ireland. 2 nd Year Examination. August Exam Paper, Solutions & Examiner s Report

Advanced Taxation. Northern Ireland. 2 nd Year Examination. August Exam Paper, Solutions & Examiner s Report Advanced Taxation Northern Ireland nd Year Examination August 04 Exam Paper, Solutions & Examiner s Report Advanced Taxation (NI) August 04 nd Year Paper NOTES TO USERS ABOUT THESE SOLUTIONS The solutions

More information

Fundamentals Level Skills Module, Paper F6 (UK) 1 (a) Joe Jones Taxable income

Fundamentals Level Skills Module, Paper F6 (UK) 1 (a) Joe Jones Taxable income Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) December 2010 Answers 1 (a) Joe Jones Taxable income 200910 Employment income Salary Firstly plc (11,400 x 9) 102,600 Pension

More information

Professional Level Options Module, Paper P6 (ZAF)

Professional Level Options Module, Paper P6 (ZAF) Answers Professional Level Options Module, Paper P6 (ZAF) Advanced Taxation (South Africa) December 2015 Answers Note: ACCA does not require candidates to quote section numbers or other statutory or case

More information

Normal Dividend rates rates % % Basic rate 1 35, Higher rate 35,001 to 150, Additional rate 150,001 and over

Normal Dividend rates rates % % Basic rate 1 35, Higher rate 35,001 to 150, Additional rate 150,001 and over RELEVANT TO ACCA QUALIFICATION PAPERS F6 (UK), P6 (UK) FOUNDATIONS IN ACCOUNTANCY PAPER FTX (UK) AND PERFORMANCE OBJECTIVES 19 AND 20 Finance Act 2011 This article summarises the changes made by the Finance

More information

Fundamentals Level Skills Module, Paper F6 (MLA)

Fundamentals Level Skills Module, Paper F6 (MLA) Answers Fundamentals Level Skills Module, Paper F6 (MLA) Taxation (Malta) Nicholas and Janet December 203 Answers and Marking Scheme Marks (a) Nicholas and Janet have moved to Malta with a view to taking

More information

Paper F6 (UK) Taxation (United Kingdom) March/June 2017 Sample Questions. Fundamentals Level Skills Module

Paper F6 (UK) Taxation (United Kingdom) March/June 2017 Sample Questions. Fundamentals Level Skills Module Fundamentals Level Skills Module Taxation (United Kingdom) March/June 2017 Sample Questions Time allowed: 3 hours 15 minutes This question paper is divided into three sections: Section A ALL 15 questions

More information

Paper P6 (UK) Advanced Taxation (United Kingdom) Friday 6 December Professional Level Options Module

Paper P6 (UK) Advanced Taxation (United Kingdom) Friday 6 December Professional Level Options Module Professional Level Options Module Advanced Taxation (United Kingdom) Friday 6 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section

More information

Professional Level Options Module, Paper P6 (CYP) 1 Capoda Ltd

Professional Level Options Module, Paper P6 (CYP) 1 Capoda Ltd Answers Professional Level Options Module, Paper P6 (CYP) Advanced Taxation (Cyprus) June 2013 Answers 1 Capoda Ltd (a) To: Laurence, MD Capoda Ltd From: Nicos, Tax Advisor Date: 16 January 2012 Re: Presentation

More information

Fundamental Level Skills Module, Paper F6 (CYP)

Fundamental Level Skills Module, Paper F6 (CYP) Answers Fundamental Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) Mr Tsangaris December 2008 Answers and Marking Scheme Marks (a) Capital (net worth) statement January 2002 3 December 2007 Assets

More information

Taxation Republic of Ireland

Taxation Republic of Ireland Taxation Republic of Ireland Sample Paper 3 Questions and Suggested Solutions Updated for the Summer and Autumn 2015 Examinations Finance (No. 2) Act 2013 NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers

More information

Buy-to-let Landlords

Buy-to-let Landlords Buy-to-let Landlords This guide examines the tax issues affecting landlords of residential property. The positions of both individual and corporate landlords are considered, as the tax costs and deductions

More information

YEAR-END TAX GUIDE 2015/16

YEAR-END TAX GUIDE 2015/16 YEAR-END TAX GUIDE 2015/16 Magee Gammon Henwood House Henwood Ashford Kent TN24 8DH mg@mageegammon.com 01233 630000 www.mageegammon.com YEAR-END TAX GUIDE 2015/16 CONTENTS PERSONAL TAX AND ALLOWANCES INCOME

More information