Comprehensive Summary of ICAEW Business Planning Taxation (BPT) Question Bank
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Course
ACA ICAEW accounting
Institution
ACA ICAEW Accounting
Unlock the full potential of your preparation for the ICAEW Business Planning Taxation (BPT) examination with this meticulously crafted summary, available exclusively on Stuvia. Tailored to cater to the needs of ambitious candidates like yourself, this document offers a comprehensive overview of bo...
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1 Josh Reynolds Income tax comp
EMI share option, EIS
Trust
Car mileage calc & director fees
2 Phillipa Hassan Trading losses – s.64/83/89
CGT – GR & BADR
IHT Interactions
VAT – CGS, TOGC, SDLT
Consultancy agreement – IR35
3 George Assenga Bonus now vs pension scheme
OPS vs PPS, annual allowance inc adj income calc
Lifetime allowance
Lump sum of pension deduction after retirement
Mixed takeover – shares and loan stock (QCB)
EIS, SEIS
GWROB
Indiv – cap taxes
4 Boxit Ltd CPOOS – PCP
^ substantial reduction -> income distribution and SD
Gift of shares to a connected person -> MV as proceeds, GR, BADR
IHT – BPR
Close company loans – notional tax
SBA on sale of shares for company, VAT and SDLT
5 Karen Brimelow IHT – GWROB, PET, BPR,
CPOOS – income vs cap route plus conditions (benefit of trade)
Deed of variation for CGT and IHT
o/s - personal tax
6 Bill Mickelson Gift of asset to connected person – GR
GW – BADR as business is being disposed off (PM small chattel, inventory no CGT)
Residency status – SYT and CGT implications, RB claim
Trading losses and loss relief (s83, s72, s64, restriction, s261B)
IHT – PET - BPR
7 Gooch Food Partnerships – IT savings, NICS, VAT implications, legal aspects, CGT
Discretionary trusts – relevant property trusts -> CLT and Lifetime tax
Ethics – tax evasion and ML (paying employees o/s), PCRT, objectivity and prof comp
Residency test – auto UK residency test
^ Non dom – claim for RB vs no claim
Single companies
8 Valese plc Losses – terminal loss relief
Liquidation
Ethics – intimidation threat, breach of confidentiality
9 Raffles Ltd Close company – loans & benefits to participators (full Q on CC)
Groups/consortia
10 Splite Ltd Group - VAT/ CGS/TOGC
Group – chargeable gains
Group/consortia – trading losses
Purchase of shares vs purchase T&As
o/s CT – DTR
CFC
Residency test – SYT
, Ethics – tax planning, avoidance, and evasion incl GAAR, BEPs, disclosure, AML
11 Principia Ltd Sale of T&As vs Sale of shares vs Hivedown
Ethics – confidentiality/intimidation threat
12 Expandit Plc CT issues
(group - losses 51% related, SSE + degrouping charge, DTR, transfer pricing)
VAT groups and property
Ethics – tax planning, avoidance, and evasion incl GAAR, BEPs, disclosure, AML
Single companies
13 Scandipop AB Residence – SRT- auto o/s test, auto UK test, UK work test, SYT
PA and taxation of benefits deps on residency status
Ethics – unlawful statement – NCA
DPT, Transfer pricing, thin capitalisation
14 Staplit plc o/s CT – incorporation PE
DPT and effective mismatch
Deferral of incorporation gains
Thin cap and excess interest calc
CBS
15 Shandy Ltd MBO: purchase of shares vs T&As vs Hivedown (provide recs and any further info needed)
Ethics on VAT return
16 Upten plc EMI -net tax cash calc
Group relationship – losses claim, transfer assets between group – NGNL (outside group = CGT), VAT
Consortium losses calc
17 Montgomery Acquiring T&A> shares
Ltd Capital allowances, TOGC, VAT, CGS, SDLT
o/s Subsidiary vs PE
Transfer pricing, CFC, o/s PE election
Sept 2013 exam
2 Sole trader trading losses s.89/s.64– cessation of trade
VAT and SD implications on disposal of sole trader business -> TOGC = no VAT, SD on purchase price
CGT calc – entrepreneurs’ relief
Tax planning advice on the timing of sale of business and disposal of shares, additional docs needed
3 Advice on taxation of diff components of redundancy package inc foreign service
Effect on tax liabilities of sole trader vs company and do calc
Tax risk from HMRC – PSC Legislation emp vs self emp
Dec 2013 exam
1 Explain and restate the errors in CT comp (redundancy costs, gain on disposal, cap allowances)
CT implication and VAT consequences on disposal of factory on 2 dates
CFC – consequences and what additional info is needed
2 Remittance basis – calc UK IT and CGT liabilities
Responsibility of SAOs – ethics and actions to take
3 IHT and CGT implications on gifts in life vs death and recc which proposal is most tax efficient
GWROB - Gifting house to children
Mar 2014 exam
1 Tax implications on the purchase of shares
Tax implications of financing – selling debentures vs shares vs loan from bank, then provide a recc
TTP Calc – losses, FC, NTLR, Debenture interest, gains
2 Explain tax implications of incorporating sole trader business (R&D SME)
Investing shares – EIS – tax implications
Gift of shares – CGT, IHT – PET – BPR
Ethics – COI – check engagement letters and apply safeguards
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