Nikhil Vachani shares his tips for the P6 December 2014 exam on behalf of Phoenix Financial Training.
P6 Tips
Key Examinable Areas
Corporation tax
• Groups – 75% loss groups, Capital Gains Group and Consortium
• Focus on 3 questions : 1) Conditions 2) Advantages and 3) Application
• Intangibles- Research and Patents
• Losses
Capital gains tax
• Reliefs- PPR . E-relief, Rollover and Gift relief
• Focus on 3 questions : 1)What is it?-Deferral or exemption 2) Conditions and 3) Application
Inheritance Tax
• 3 calculations- 1) Lifetime , 2) Death tax on lifetime and 3) Death Estate
• Focus on BPR relief- Conditions and Application
• Reduced rate on charity and QSR on Death Estate
• Diminution in Value principle and Related Property rules
Practice IHT and CGT in one question. Examiner tests the 2 taxes together.
Income Tax
• Go through F6 knowledge – Basis of assessment , Capital allowances and Employment benefits
• EIS , VCT schemes
• Share options and Share Incentives
• Losses- Special opening and closing year rules
VAT
• Land and Buildings
• Overseas Aspects
• Registration /Deregistration
• VAT Schemes
NIC
• 3 Questions- 1) Who pays it 2) What amount it is based on 3) How is it calculated.
Good luck
Nikhil
