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One aspect I felt many tax students neglect is the IHT death estate. You need to put all assets into the death estate including exempt assets for CGT. Deduct any agricultural property relief on farms (100%) and business property relief (100%) on unquoted shares....

An area due to come up in the June 2023 Advanced Tax is incorporation relief.  As an unincorporated sole trader business grows, the small business owner may decide to transfer the business to a limited company in order to make finance more accessible or to...

Is it a bird? Is it a plane? No! It’s a skydiving tax tutor! I chose to skydive in the Florida Keys on a short break recently as the scenery is absolutely breathtaking there and the instructors are very experienced having done thousands of jumps before! It was a truly...

The June 2023 exam will now feature a giant 50-mark case study dealing with both companies and individuals. What this means is that in the same scenario you will be dealing with complex groups and overseas aspects such as controlled foreign companies while in part b,...

One topic which is due to come up in the Advanced Tax June 2023 exam is the Enterprise Investment Scheme which offers tax benefits to venture capitalists that invest in unquoted trading companies. Wealthy individuals can invest up to £1M /year in new shares in...

A popular area in both the ACCA ATX and ACA BPT exams is the IHT and CGT implications of a gift of property during an invidual’s lifetime . A gift to an individual has both IHT and CGT implications. For IHT , it is called a potentially exempt transfer (PET) and...

The March 2023 Advanced Tax exam was both time-pressured and featured many unexpected topics.Usually, overseas aspects relating to individuals, self-employed individuals, and controlled foreign companies have featured in the last few exams yet these areas were...

We are in the final stage of exam preparation now with the Advanced Tax exam tomorrow.  I recommend you do not look at any new material now. Instead, you should be carefully looking back at previous exam questions you did and reviewing the answers. You do not...

A very popular area in the Advanced Tax exam which is due to be examined in March 2023 is CGT groups. For CGT groups, the direct shareholding must be at least 75% but the indirect only has to be 51%. Companies in the same group can transfer assets to group members at...

In high-level tax professional exams like ACCA ATX, ICAEW BPT , and CTA , the examiners try and simulate the real work environment by giving you several documents such as client letter, an email from your tax manager and schedules of detailed information such as...