Registered AITI Tax Qualification Info and Questions

Legend100 · 06-01-2011 11:42pm

Oops am i missing something re the branch and profit remittances.

pg 185 of the manual says there is no concept of a dividend for the branch

ie the branch profits in the uk are added to the total irish profits of TBL and overall profits taxed at 12.5% with credit for UK tax paid in relation to branch profits

if there was a "dividend" between the branch and TBl then the same profits would be taxed twice in Ireland so this cannot happen

Please say i have this right as it was one of my main points!!!!

And i thought there would be UK witholding tax on the dividend remitted under the Ireland/UK treaty?

Pinkypod007 · 06-01-2011 11:43pm

heffelump wrote: »

ok i think im ready to start typing but i was just wondering is the general opinion that we should form a subsidiary, suffer the losses in yrs one and two and carry forward for offset in year 3. Sell the company and claim 626b?
would the main reason for not using a branch be the admin?

And on the interest borrow through irish company claiming 247 on the full amount as the interest deduction would be of no benefit because we're selling the uk sub at the end of the day?

I have gone with the branch. As they plan on selling after year 3, I have taken advantage of the losses and utilised them in TBL. The DTA credit covers the chargeable gain on the sale of the branch....

Legend100 · 07-01-2011 1:30am

Finally finished...!! worst effort ever

littlelady81 · 07-01-2011 3:07am

Hey are you giving much detail in the step plan?? What sort? I know its only 5. Marks but every little helps!!! :cool:

gallyer · 07-01-2011 10:02am

I ended up going with a branch and an asset sale, think its the most efficient way to do it from an Irish perspective. Could be totally wrong, was a toss of a coin between the two options to be honest! What did everyone else decide in the end?

A quick proof read and i'll send it in then!!

Good luck everyone!

gingerhousewife · 07-01-2011 11:46am

Just submitted it, not really happy with it and still questioning my own decisions but I think the best thing now is to forget about it and concentrate on PT exam! Good luck everyone

ramacc · 07-01-2011 12:41pm

gingerhousewife wrote: »

Just submitted it, not really happy with it and still questioning my own decisions but I think the best thing now is to forget about it and concentrate on PT exam! Good luck everyone

What approach are you taking to the PT are you doing the furhter reading as outlined in the manuals, what approach are people taking to the course generally i.e. is anyione studying the pre reading or just the actual manuals

garytm · 07-01-2011 12:46pm

Will the base cost of the shares be nil in a share sale and the base cost of the assets be their cost? so would it not make much more sense to sell assets?

gingerhousewife · 07-01-2011 12:53pm

ramacc wrote: »

What approach are you taking to the PT are you doing the furhter reading as outlined in the manuals, what approach are people taking to the course generally i.e. is anyione studying the pre reading or just the actual manuals

I'd say just the manuals for this one, and lots of exam questions. Hopefully will pick up on other things such as revenue material etc through exam questions.

Legend100 · 07-01-2011 1:17pm

my step plan was pure sh*te. It was three pages but i would be surprised if i got any of the five marks

i went with sub mainly due to 626b but didnt include much calculations so my argument was pretty weak, submitting it now, thank god it is over!

bubblicious · 07-01-2011 11:20pm

I ended up going with the branch first and then transferring to a sub.

Set up HoldCo, transfer shares from TBL into HoldCo. Set up branch and utilise losses for 2 years. A third party sets up a new company and HoldCo transfers branch in to NewCo in exchange for shares in NewCo. (S. 615 because they're unrelated, S.587 as a share-for-share exchange, S80 SDCA for SD), hold for 2 years and then dispose under S.626B. No clawback of S.80 SDCA as shares held for 2 years.

Or am I completely off the mark?!!!

TheScriptFan · 13-01-2011 10:28am

gingerhousewife wrote: »

I'd say just the manuals for this one, and lots of exam questions. Hopefully will pick up on other things such as revenue material etc through exam questions.

I am doing just the manuals also - but if the manual refers to a specific tax briefing etc i am taking them in also. Does everyone think the exam will be the same format as last year despite not being open book?
I.E. likely a secondment??

ascuteasabutton · 19-01-2011 2:44pm

Just wondering has anyone received confirmation that their Home Assignment was received,I still haven't gotten offical confirmation(we were meant to get an email)...getting kind of worried!

gingerhousewife · 19-01-2011 3:16pm

ascuteasabutton wrote: »

Just wondering has anyone received confirmation that their Home Assignment was received,I still haven't gotten offical confirmation(we were meant to get an email)...getting kind of worried!

Just got mine last night. They updated the website on Monday to say we should receive them in the week beginning 17/01/11 so I'd say if you don't get it by Friday get on to them.

ascuteasabutton · 19-01-2011 3:18pm

Cheers for that just had another look there and they seem to have updated it since yesterday to say we will receive it by close of business today so hopefully it comes by then

TheScriptFan · 21-01-2011 6:46pm

Just wondering, does anyone know can we bring stamp duty and CAT act in with us tomorrow? Might not be needed, but has been referred to in the sample answers. What do you ye think?

Legend100 · 21-01-2011 8:16pm

Well im assuming that we can since we can in the summer and there was a CAT question on last yrs july paper so im bringing them. Just noticed aswel that the DTA for CAT for UK and US are in the CAT book which is handy as id say that if there is a CAT question, it wll be on them

ramacc · 22-01-2011 7:57pm

Legend100 wrote: »

Well im assuming that we can since we can in the summer and there was a CAT question on last yrs july paper so im bringing them. Just noticed aswel that the DTA for CAT for UK and US are in the CAT book which is handy as id say that if there is a CAT question, it wll be on them

Did anyone else find the interim assignment very long?

Legend100 · 23-01-2011 1:32pm

way too long!!!

failed the crap out of it id say, spent way too much time on the very first question so didnt even answer 60% of the paper, my own fault really. but it was too long, there is no way you could give a good answer in each part within an hour and a half

Marz66 · 23-01-2011 4:48pm

Hi all

I agree it was very long. The only good thing is they kept the same format as last year and as the sample paper. They could have screwed us with a whole paper on share options or pensions or something. It said on last years exam report that they took timing into account so hopefully they will do that again this year

gingerhousewife · 24-01-2011 12:01pm

I found it very long too, especially the first part. Was happy that the content was ok, and there was no curve ball thrown in, but really could have done with another hour maybe to give a comprehensive answer. Was disappointed that even though it was acknowledged in last year's examiners report that students didn't have enough time, they didn't make it shorter this year. If anything I'd say it was longer.

ascuteasabutton · 10-02-2011 1:39am

Just wondering how people are coming along with study as exams are only 2 months away???

Struggling to get really into it at the moment and i'm hoping I am not alone

TheScriptFan · 10-02-2011 10:40am

ascuteasabutton wrote: »

Just wondering how people are coming along with study as exams are only 2 months away???

Struggling to get really into it at the moment and i'm hoping I am not alone

Well it's really 3 months until Part 3 exams...phew!!
I am going slowly, trying to go over all the Part 2 material and get my reading up-to-date which is proving seriously time consuming. How much study leave does everyone have? I think I will just have from Easter onwards, about 3 weeks. Am trying to get a strategy together of writing very concise notes of main points from Part 2's...have most of the notes still from last year and then doing notes from part 3's..reading some tax briefings as I go and looking at past papers. I don't like the notes they give us in class, don't really find them too helpful to be honest. But I read them just incase!! Definitely need to ramp up my study, have given myself 1st March deadline to get really focused, so just tipping along until then, probably just putting in about 4 hours a week at the mo!

Legend100 · 10-02-2011 9:41pm

TheScriptFan wrote: »

probably just putting in about 4 hours a week at the mo!

That's four hours more than me!! must get down to it soon, doing them on my own back so have no study leave and will have to take holidays (and possibly unpaid leave) to sit them

Think i really need to start tabbing all the legislation in detail very soon as that took ages during the part 2 so don't wana spend study time doing that when the exams are coming up quickly

......must say im dreading personal tax!

ascuteasabutton · 18-02-2011 4:50pm

I'm probably doing around the same 4-8 hours....Is there anyone out there that is finding the lectures more a waste of precious time than if you spent the 2 days studying at the weekend, if you know what I mean? I'm finding it to be alot of reading from slides/books that could easily be done at home!

TheScriptFan · 28-02-2011 10:19am

Hi Part 3's,

Just wondering what approach everyone is taking to studying? Saturday has given me a right kick up the arse that I needed and I've realized if I want to get all 4 first go, I need to put some serious time in - starting now!!
1) Is it best to go through all the material first, and then start the past papers? This is what the VAT guy suggested on Sat.
2) How far off the book do I need to go, extra reading etc. Do I need to be looking at the various tax briefs etc?
3) Study leave - How much Study leave do people recommend? I don't want to take too long, or too short.

Any other tips, study methods that anyone would like to share would be awesome...I know I have the time now, and the motivation to get stuck in and get them all out of the way, so I want to make sure I keep focused and don't slack off and leave it to the last minute (like I normally do!!)

Tks, TSC

ramacc · 01-03-2011 1:46pm

At this stage looks like i'll be cramming with 4 weeks study leave.

Working overtime in evenings and weekends and am in Jersey so don't make lectures ekkk :mad:

Anyone know whne the CA reuslts are out?

TheScriptFan · 01-03-2011 4:21pm

ramacc wrote: »

At this stage looks like i'll be cramming with 4 weeks study leave.

Working overtime in evenings and weekends and am in Jersey so don't make lectures ekkk :mad:

Anyone know whne the CA reuslts are out?

Results are due out on Fri I believe.

Gosh that's very difficult, I can PM you with any tips for they give over the next couple of weeks. I must say I found Sat lectures very helpful. The VAT lecturer is really excellent.

Best of luck! You'll be grand with 4 wks study leave.

ramacc · 01-03-2011 8:25pm

Hi Script,

That would be much appreciated cheers!

TheScriptFan · 04-03-2011 9:39am

ramacc wrote: »

Hi Script,

That would be much appreciated cheers!

How did everyone get on with the CA?? I did very well on the assignment, and failed the exam miserably

gallyer · 04-03-2011 10:26am

Same as that Script, failed the exam, but did quite well in the Home Assignment, better than i expected.

gingerhousewife · 04-03-2011 10:36am

Same here, failed the exam but did really well in the home assignment

Smithie · 04-03-2011 11:23am

What does really well and quite well mean? 60, 70, 80%?

TheScriptFan · 04-03-2011 11:36am

Smithie wrote: »

What does really well and quite well mean? 60, 70, 80%?

I suppose for me - it was 72% for paper, and a terrible 36% in the personal exam.

Smithie · 04-03-2011 11:38am

Well done on the assignment, think I evened out my results and just passed both.

gingerhousewife · 04-03-2011 1:25pm

45% in exam and 88% in assignment

ramacc · 04-03-2011 6:35pm

40 in the exam and 68 in the HA only another 40% needed in the summer for business tax :eek:

Legend100 · 04-03-2011 9:31pm

38 in exam and 75 in assessment.

Knew i failed exam so was actually happy enough overall

dcarlito · 05-03-2011 5:19pm

51 APT (blessed) and 80 ABT

whatyathink · 07-03-2011 6:14pm

TheScriptFan wrote: »

Results are due out on Fri I believe.

Gosh that's very difficult, I can PM you with any tips for they give over the next couple of weeks. I must say I found Sat lectures very helpful. The VAT lecturer is really excellent.

Best of luck! You'll be grand with 4 wks study leave.

Do you mind me asking where you doing the lectures?
I'm sitting all 4 exams in May but unfortunately i haven't got to any of the vat lectures yet

whatyathink · 07-03-2011 6:19pm

Hi everyone
I'm new to this page, didn't know it existed!!!
I got 40 in my APT and 64 in ABT
How is everyone approaching their studying? Haven't really started yet and i'm finding it difficult to get stuck in. I'm planning on taking 4-5 weeks study leave hopefully it will be enough

whatyathink · 07-03-2011 6:43pm

gingerhousewife wrote: »

45% in exam and 88% in assignment

well done in the home assignment, excellent result

TheScriptFan · 09-03-2011 1:59pm

whatyathink wrote: »

Do you mind me asking where you doing the lectures?
I'm sitting all 4 exams in May but unfortunately i haven't got to any of the vat lectures yet

In Dublin at NCI..am in group 1. Find the lecturer very good. Have been trying to access to a library for study leave, NCI will take me for €80, DBS €50, Griffith said no as their exam time. So think I'll go for DBS as handiest.

TheScriptFan · 09-03-2011 2:00pm

dcarlito wrote: »

51 APT (blessed) and 80 ABT

Well done, that was a great result!

Marz66 · 09-03-2011 9:47pm

Some great results in the home assignment!

Read the exam reports today, i think this thread got a mention;) Apparently one of the assignments was 90 pages long:eek: Looking at the solution, my 2 pages on stamp duty and 2 pages on double tax relief calcs were a waste of space, oh well!!

Confused99 · 10-03-2011 10:00am

Hi guys Passed both quite well so delighted Is anyone is in Group 1, Part 3 and interested in hearing the Advanced Indirect Taxes Podcast from lecture missed due to snow in January. The lecturer said due to the importance of the material covered to contact Miriam in the Institute if we want this I contacted her but she said if sufficient numbers expressed interest it would be recorded and made available.

How's the study going for everyone Mine is slow - can't seem to find the time!

ascuteasabutton · 10-03-2011 12:21pm

Just a quick question for everyone doing exams and paying there own fees..am I correct in thinking that fees dont have to be paid in full until you sit the exams. I have a small O/S Balance which I have been paying off over the past few weeks and have had 2 calls this week about this wanting to know when the O/S balance will be paid...anybody else have the same issue?

I intend to have it paid by exam date but like everyone else have run into financial difficulty, I sent 2 emails informing them of this with no reply!

TheScriptFan · 10-03-2011 12:42pm

Confused99 wrote: »

Hi guys Passed both quite well so delighted Is anyone is in Group 1, Part 3 and interested in hearing the Advanced Indirect Taxes Podcast from lecture missed due to snow in January. The lecturer said due to the importance of the material covered to contact Miriam in the Institute if we want this I contacted her but she said if sufficient numbers expressed interest it would be recorded and made available.

How's the study going for everyone Mine is slow - can't seem to find the time!

I got a similar response, not sure how many need to ask. It should be put on no matter what. Not waiting for adequate numbers to ask.

My study also going extremely slow. Very hard to get stuff done in the evenings I find. Almost looking forward to having Paddys day and next weekend to get some much needed study in!!

whatyathink · 10-03-2011 11:12pm

ascuteasabutton wrote: »

Just a quick question for everyone doing exams and paying there own fees..am I correct in thinking that fees dont have to be paid in full until you sit the exams. I have a small O/S Balance which I have been paying off over the past few weeks and have had 2 calls this week about this wanting to know when the O/S balance will be paid...anybody else have the same issue?

I intend to have it paid by exam date but like everyone else have run into financial difficulty, I sent 2 emails informing them of this with no reply!

Like you I am payin my own fees but i'm on a direct debit with the Institute, the last one is due at the end of this month.
You would think in these times they should understand the financial position of their students....i'm sure once it's paid before the exams it should be fine

lisagirl1 · 11-03-2011 2:31pm

Like a few people above, I failed the exam & did well in the assignment. What % do we need to get from the summer exam now to pass the personal taxes? Tough trying to get into the study at the mo!

Registered AITI Tax Qualification Info and Questions

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