1.Improving Your Performance in Paper P6 (UK) _ P6 Advanced Taxation _ ACCA Qualification _ Students _ ACCA Global

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  • 4/1/14 Improving your performance in Paper P6 (UK) | P6 Advanced Taxation | ACCA Qualification | Students | ACCA Global

    www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/p6/technical-articles/improving-your-performance-in-paper-p6-- 1/2

    Home > Students > ACCA Qualification Student Journey > Qualification resources > ACCA Qualification > P6 Advanced Taxation > Technical articles

    IMPROVING YOUR PERFORMANCE IN PAPERP6 (UK)

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    Read part 2

    Part 1 of 4

    This article is relevant for all candidates preparing to sit the Paper P6 (UK) exam. It covers exam technique

    and also includes a summary of all of the articles relating to the exam.

    This is one of four non-technical articles that focus on the structure of the exam and exam technique. The

    other three such articles are:

    Although exam technique is important, and can be the difference between failing and passing the exam, it

    is clearly not as important as technical knowledge; excellent exam technique on its own will not be sufficient

    to achieve exam success. Accordingly, the following series of technical articles is available to support you

    in your studies. These articles are all available on the website.

    Generally:

    Income tax:

    Capital taxes and trusts:

    Corporation tax:

    This article covers four aspects of exam technique: reading the question, satisfying the requirements,

    thinking, and time management. It then addresses the importance of practising exam standard questions.

    1. Reading the question

    The questions in the exam are detailed and the facts of a particular situation may be complicated.

    Although you will feel time pressured, you must resist the temptation to get on with it before you have

    taken the time to understand what is going on. If necessary, draw a diagram or a timeline to organise the

    information in a manner that is easier to assimilate.

    As you read the question you should be thinking about the relevance of the information provided. Almost

    all of the information in the exam is given for a reason; it is up to you to identify that reason and the tax

    implications flowing from it. For example: the date on which a company began trading is important because

    that is the start of an accounting period; the level of an individuals shareholding in a company affects the

    Examiners approach to Paper P6 (UK), which explains the structure of the P6 (UK) exam and the skills required of

    candidates.

    Stepping up from Paper F6 to Paper P6, which provides guidance on the progression from Paper F6 to Paper P6 interms of the syllabus, the style and format of the exam, and the approach necessary to maximise your chance of

    success.

    Guidance on answering Section A questions in Paper P6 (UK), which provides detailed guidance on the approach

    to be taken when answering Section A questions.

    Exam technique and fundamental technical issues for Paper P6 (UK)

    Taxation of the unincorporated business the new business

    Taxation of the unincorporated business the existing businessInternational aspects of personal taxation

    Inheritance tax and capital gains

    Trusts and tax

    Corporation tax

    Corporation tax group relief

    Corporation tax groups and chargeable gains

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  • 4/1/14 Improving your performance in Paper P6 (UK) | P6 Advanced Taxation | ACCA Qualification | Students | ACCA Global

    www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/p6/technical-articles/improving-your-performance-in-paper-p6-- 2/2

    Last updated: 28 Feb 2014

    availability of entrepreneurs relief and gift relief.

    If you do not identify the relevance of a particular point you may well be giving up the mark(s) available for

    identifying the tax implications flowing from that point.

    The chronology of the question must be treated with care. Events which occurred prior to the date of the

    exam cannot be altered. The same is true of events which have been contracted to occur in the future

    unless the question makes it clear that the agreement can be altered in some way.

    On the other hand, events which are simply planned for some point in the future can be changed. Tax

    planning often revolves around the timing of events and changing a particular date may be sufficient to

    improve the tax implications of a proposed transaction.

    Finally, you should take careful note of any guidance from the manager (in the Section A questions) and

    of any notes following the requirements regarding the approach that should be taken when answering the

    question. Guidance from the manager is given to help you plan your approach to a question in situations

    where it may not be obvious how to begin solving the problem. The notes following the requirement will

    often exclude particular areas of the syllabus from a particular question or question part, such that you will

    be wasting your time if you address those areas in your answer.

    In the next part of this article we will look at the importance of satisfying the requirements.

    Written by a member of the Paper P6 examining team

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