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June 2009 Kaplan's Exam tips for ACCA exam course paper P6 – Advanced Taxation.
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KAPLAN EXAM TIPS FOR ACCA P6
P6 – ADVANCED TAXATION
Corporation tax
- Loan relationship rules
- Group relief – tax planning; consortium relief, company losses
- Capital allowances with AIA
- Expansion overseas: branch vs. subsidiary
- CFCs
- Double tax relief: WHT and ULT
- Research and development
- Takeovers: pre acquisition trading and capital losses
- Close companies
Capital gains tax
- Reliefs: incorporation relief, Entrepreneurs' relief, gift relief
- Capital gains groups
- Share takeovers or reorganisations
Inheritance tax
- Estate computations
- Business property relief
- Planning
Income tax
- Overseas aspects for employees
- Sole trader/partnerships cessation, with planning, possibly losses
- Benefits: car, loan, accommodation, share schemes
VAT
- Land and buildings, including capital goods scheme
- VAT groups
- Partial exemption
- Overseas aspects
Scenarios
- Lease vs. buy assets: net cost
- Incorporation: all aspects (IT, NICs, CGT, VAT, stamp duty)
- Badges of trade: IT vs. CGT
- Employee vs. partner
- CGT vs. IHT for lifetime gifts
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