According to student feedback, this week’s Advanced Tax exam was very time-consuming, and they struggled to finish the paper. However, unlike the 35-mark question in the December exam, no question felt impossible
Lots of the usual suspects featured in the exam such as group relief, CGT groups, and rollover relief. In terms of inheritance tax, students were pleasantly surprised to see the IHT and CHT implications of gifts with Business Property Relief and Gift Relief as I predicted.
Fortunately, the easier CYB closing year rules featured (instead of the opening year rules) and the remittance election instead of the temporary non-residence rules.
Less popular areas included partial exemption, share schemes, and venture capital. Many of my students did not like the accommodation benefit as I had instead focused on the more popular can and loan benefits. They found close companies (s455) very easy.
The exam was doable, and most students remain cautiously optimistic.
If you are planning on doing Advanced Tax in June, I recommend you purchase Advanced Tax Condensed as it is already updated for FA2021. You need to deal with at least 30 separate technical areas to pass the exam and this book will really help you.
#tax #students #business #accaglobal #neildacosta #condensednotes