CAP2 Tax (ROI) AMA by Chartered Accountants Ireland https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1 This forum is for queries relating to CAP2 Tax (ROI) material. You must include the session and question number your query relates to. en-us 2020-06-19 16:11:00 UTC 2026-01-04 23:43:46 UTC hello@padlet.com http://economictimes.indiatimes.com/thumb/msid-53186054,width-600,resizemode-4/tax-bccl.jpg Use the columns to your right to ask any questions you have having worked through the Tax (ROI) material. Please ensure you detail the session and question number so we can prepare a response and address it during the AMA. Use the upvoting button so we can identify which questions you deem as the most important. Education_Delivery https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/633753857 (Please note; this is not a revision session and full question calculations will not be worked through).]]> 2020-06-19 16:16:09 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/633753857 https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638284304 Company losses -single company how to allocate please]]> 2020-06-24 04:55:27 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638284304 Hi - can you please run through the best way to lay out tax adjusted profit part of question 1 - using Proctoru - a worked example would be great - Thanks emilycbruton https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638433902 2020-06-24 07:38:05 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638433902 PPR relief https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638543914 If you are living in ireland and have to work in northern ireland as part of work is this deemed occupancy under the 4 years in state or is it deemed to be forerign occupancy (outside of ireland)]]> 2020-06-24 09:35:34 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638543914 Could you give us a list of the ways shares could be asked (buy in 2000 and subsequent RI,BI etc.), retirement relief, (to a child and not a child) entrepreneur relief, turning from sole trader to a company, selling shares in your own company , what else is there? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638583012 2020-06-24 10:24:57 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638583012 Summer 2015 Q.5 (ii) https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638625631 Why is LIF not applied to the annuity in the solution?]]> 2020-06-24 11:25:17 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638625631 Summer 2015 Q1 d https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638713762 CAT: How do you calculate the value of shares relevant to business property]]> 2020-06-24 13:03:30 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638713762 Autumn 2015 q1 a https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638993668 When calculating the cgt why do you multiply the Austrian tax by 75%]]> 2020-06-24 16:49:05 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/638993668 Summer 2019 Q1 e https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/639050676
why is not retirement relief applied? it understand they are shares   of a holding  company of  trading companies (family  company) 2 bothers control it. He has more than 20%... 

]]> 2020-06-24 17:45:15 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/639050676 Summer 2019 Q.4 B (i) https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/639171601 Why is there additional CAT of 33% payable? The company has agreed to pay any tax due, would this not just be the €1,485?]]> 2020-06-24 19:43:44 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/639171601 Employer pension contributions - Addback Qs https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/639702668 Solutions differ on when we have to spread special contribution over a number of years. E.g. Autumn 2014 v Autumn 2016. ]]> 2020-06-25 07:45:55 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/639702668 Shares emilycbruton https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/640122161 Sec B Q19 Practice Paper

]]> 2020-06-25 15:25:38 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/640122161 Is Group A threshold €320,000 as per book/ notes or €310,000 as per past paper solutions? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/640855534 2020-06-26 08:41:48 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/640855534 Autumn 2016 Q1 e https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/640856644 Why is retirement relief sometimes just a 10% rate of CGT and other times there is a deduction for chargeable assets AND a 10% rate, as in this q?]]> 2020-06-26 08:43:40 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/640856644 Can you explain the Participation Exemption. Reference Autumn 2017 Q1 B https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641063164 2020-06-26 14:00:20 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641063164 For P&L items that have no note attached, is it's inclusion and explanation required? If so, for allowable expenses like wages, is 'trading expense' , followed by nil figure in add backs sufficient? Also, for non allowable expenses without notes attached, is explanation required for their inclusion e.g. client entertainment https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641126686 2020-06-26 15:07:01 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641126686 Q3 Question Bank PRETTY PAINTS. https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641130111 current account overdraft interest is allowed as an expense. I was of the belief that all penalties/fines/interest are not allowed i.e. add back]]> 2020-06-26 15:10:32 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641130111 Q3 Question Bank - PRETTY PAINTS https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641131767 UK dividends are taxed at 12.5%. Should they not be taxed at 25%, being assessed at Case III ?]]> 2020-06-26 15:12:22 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641131767 Summer 2018 Q3 A https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641139046 In calculating PPR relief, why is period of occupation 9.5 years? Should this be 10.5 years ( 7 months in 2007, 9 years (excluding the 2 non-exempt years in Ireland), and 11 months in 2019. This totals 10.5 years occupation, solution says 9.5 years. And should period of ownership be 12.5 years instead of 11.5]]> 2020-06-26 15:20:46 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641139046 Autumn 2018 Q1 b https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641385192 For the group relief claims, how do we decide which company to offset the loss for first?]]> 2020-06-26 21:02:12 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/641385192 Patent Royaltues https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642026875 Q1 aut 2019 note 7. Do we always have to pay WHT on patent royalties ?Thanks ]]> 2020-06-28 07:33:02 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642026875 Q3 part b aut 2019 https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642088948 Can you please go through the loss relief allocations it is really confusing. ]]> 2020-06-28 09:53:22 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642088948 Close company https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642157330 Summer 2018 q4 part c. Tim jones is associate and company is required to deduct IT on loan. In q 2 aut 2019 in relation to the college fees of an associate company deducts WHT . Can you please go through distinction in WHT and IT in these cases and how we know which to apply. ]]> 2020-06-28 12:53:57 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642157330 RER https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642171809 Q3 a. Summer 2018.  The value of the business is 1.2m, the gain is calculated on the 1.1m of land and buildings.  How is the 100k difference accounted for ? ]]> 2020-06-28 13:29:21 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/642171809 Can you go through the marginal relief for Revised Entrepreneur Relief when it is clawed back? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643020806 2020-06-29 14:31:06 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643020806 Chargeable Business Assets https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643071622 Hi, could you please outline the main differences between the definition of Chargeable business assets for RER relief, and for Retirement Relief? Thank you]]> 2020-06-29 15:22:46 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643071622 PPR relief- your PPR is in Dublin, you go and work in Galway for 5 years (so 4/5 years would be qualifying) but then travel for a year before returning to your PPR, is all the time in Galway non qualifying? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643116278 2020-06-29 16:11:47 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643116278 Loss relief part (b) of Q4 - Question Bank (AUSTRALIAN HOLIDAYS) https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643246687 Can you quickly run through where the figures in the Loss memo are coming from? I understand the steps 1 - 5, it is just the actual figures I am getting lost ]]> 2020-06-29 18:52:43 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/643246687 Purely for the purposes of CAP2 Tax Exam, will we be using the updated budget figures from November 2019 i.e. increased CAT brackets and increased Stamp Duty Rates or does the old rates apply? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/644048792 2020-06-30 14:38:41 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/644048792 What are essential parts of CAP 1 Tax to know for those doing modular , as exam is a month after? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/644307634 2020-06-30 19:44:57 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/644307634 Session 04.3 https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/644319709 Says that limitation on relief of deferring a gain is that liabilities taken over are treated as cash unless full consideration consists of shares. However, if consideration didn't consist of shares in exchange for assets of business , the gain would not be able to be deferred in the first place?]]> 2020-06-30 20:01:15 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/644319709 Share Buyback https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/645056608 Is Share Buyback examinable? I can't find any notes on it in the slides but there is a question on it in the Question Pack (Q11).]]> 2020-07-01 14:54:55 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/645056608 Autumn 2019 q1 (d) (ii) https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/645790170 CGT Computation: Why is the gain on shares €4,568? And the gain on investment property €28,370?]]> 2020-07-02 08:26:03 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/645790170 Rounding https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/645902066 Do we always round down in SD? Summer 18 q2(c) shares]]> 2020-07-02 11:28:40 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/645902066 Agri/Business Relief https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646655507 Is there a threshold on the amount of relief you can get from agri or business relief? (e.g. 90% of market value/taxable value up to €3m) Or is it unlimited as long as you satisfy the criteria? ]]> 2020-07-03 07:23:04 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646655507 CAT Question Bank - Q8 https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646739604 Q1) Why is there a CGT liability arising for Margaret even though there is no consideration transferred from Katherine?

Q2) Where did 53 years come from when calculating the PPR Relief? Should this be 43 years (1977-2019) plus the one year seeing as house was occupied by owner at one point?

Thank you]]> 2020-07-03 10:07:45 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646739604 Summer 2015 Q4A https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646898601 The shares of the irish incorporated company are the only part taxed for CAT from Patricia to Hugo, was there any bearing on the fact that the shares were for a listed company?]]> 2020-07-03 14:51:27 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646898601 I see that in the examiners reports they are saying students often don't lay out answers in the requested 'memo' format , what criteria do you need to meet to do so? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646900113 2020-07-03 14:53:29 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646900113 Exam day https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646905371 Will it be possible to take toilet breaks/ to use a calculator in the exam?]]> 2020-07-03 15:01:31 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646905371 Autumn 2014 Q1 loss relief 9 month period vs 12 month period. Case V income from same question I don't understand the 5 months/12 months https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646915133 2020-07-03 15:14:02 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646915133 Summer 2014 Q3 part C - why was the 40k for sinead not taken into account when computing her CAT? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646967555 For Charlie why was the 155 inherited from his parents not taken into account.]]> 2020-07-03 16:34:24 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646967555 Summer 2016 Q1 b (ii) https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646972226 Why is the loss relief of €85,000 not apportioned between CYCLE CLUB & CYCLE PROPERTY?]]> 2020-07-03 16:41:39 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/646972226 autumn 2017 q1 d emilycbruton https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647289205 can you please go through this transfer of a business to a company - the goodwill calculation. the rationale for liabilities taken over being treated as cash consideration - I just don't understand it. Thanks

]]> 2020-07-04 07:48:24 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647289205 Business Relief emilycbruton https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647292992 Autumn 2017 - Q1 E  how long does the disponer have to hold shares for prior to disposal ? solution says 2 years i thought i read in another question it was 5 years - is there a difference in time for gift or inheritance? Thank you 

]]> 2020-07-04 08:04:15 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647292992 Spelling/Abbreviating emilycbruton https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647293981 Is it Ok to abbreviate through your answer ? Do spelling mistakes matter ? As typing not my strong point? Thanks]]> 2020-07-04 08:07:16 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647293981 Case III Summer 2017 q1 A https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647305832 There is no note on the interest income - do we always need to make an assumption that this is Case III income received gross?]]> 2020-07-04 09:07:50 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647305832 CAT Business relief https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647428376 in summer 2019 Q4 Part B, Business relief is claimed on part B(II){LOUTH mark to ryan} and not Part A (I) {OHARE to Emma}. Why is that so? Is it because of the fact that the company paid on behalf of Emma? or is it because the gift was cash?]]> 2020-07-04 17:18:09 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647428376 Incl/Excl Professional Fees https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647609570 in Q3 of the question bank the professional fees are not deducted. Can you explain why? Do you always exclude fees on purchases pre-1974?]]> 2020-07-05 08:08:29 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647609570 De Minimus https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647614084 Can the annual exemption be used with de minimus? e.g. proceeds €3810, cost €1000. De minimus gain €1270, offset by annual exemption, no CGT liability.]]> 2020-07-05 08:28:26 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647614084 When given a question which is required to be in memo/ email format, but is split across multiple answer boxes, do the memo format and sign-off need to be included in each answer box? https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647697331 2020-07-05 14:38:35 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647697331 Summer 2017 Q 1 D https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647697422 When a person is eligible to claim Retirement relief and Revised Entrepreneur. They claim the revised entrepreneur relief and the lifetime limit of 1 million for Revised Entrepreneur Relief is completely wiped out OR just  reduced by the amount that was exempt under Retirement relief?]]> 2020-07-05 14:38:57 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/647697422 https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648190579 Can you please go through timing - should  20 mins still be used as reading time?

]]> 2020-07-06 10:06:59 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648190579 VAT https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648264275 Can you a question on VAT charge on property

]]> 2020-07-06 12:37:39 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648264275 Close co https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648264778 canyou do a question on the interest paid by co to director ,  how to calculate the 13%  and whats does it mean?

]]> 2020-07-06 12:38:28 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648264778 https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648265376 Can you do a question on capital allowance on intangibles please?

]]> 2020-07-06 12:39:38 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648265376 Agriculture relief https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648265549 can you do a question on where the person recieves a mix of ag and non asset and hot to account the cost/consideration paid. ]]> 2020-07-06 12:39:59 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648265549 PPR https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648266023 in the slides, it says the emplyment and duties outside ireland is deemed occupation. is it restrict to employment abroad only? doesnt include visiting ?]]> 2020-07-06 12:40:50 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648266023 Retirement relief https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648266869 if proceed from 3rd party sale is less than 750k , but there's a investment property, do we still need to calculate the relief portion? 

what if the sale proceed is greater than 750k , how do we account it? do not get Retirement relief?


]]> 2020-07-06 12:42:08 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648266869 Young trained farmer and Consanguity https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648268534 Do all criteria must be met in order to get the relief?]]> 2020-07-06 12:45:03 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648268534 Annuities https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648268922 can you a example on secured on property with limited interest? please.]]> 2020-07-06 12:45:44 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648268922 Small Gift Exemption https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648365219 Why is the SGE sometimes taken from the Group Threshold 'prior used', and sometimes not?  ]]> 2020-07-06 14:40:14 UTC https://padlet.com/Education_Delivery/ud73jg7l1h3ubav1/wish/648365219