acca paper f6 for 2010

ACCA REVISION MOCK

Taxation (United Kingdom)

June 2010

Time allowed Reading and planning: 15 minutes Writing: 3 hours All FIVE questions are compulsory and MUST be attempted. Tax rates and allowances are on pages 3 – 5 Do NOT open this paper until instructed by the supervisor.

During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.

This question paper must not be removed from the examination hall.

Kaplan Publishing/Kaplan Financial

Pape

r F6

(UK)

PAPER F6 (UK) : TAXAT ION (FA2009 )

PAG E 2 OF 14 KAPLAN PUBL ISH ING

© Kaplan Financial Limited, 2010

The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.

All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.

TAX RATES AND ALLOWANCES

KAPLAN PU BL ISHING of 14


SUPPLEMENTARY INSTRUCTIONS 1. Calculations and workings need only be made to the nearest £. 2. All apportionments should be made to the nearest month. 3. All workings should be shown.

INCOME TAX % Basic rate £1 – £37,400 20 Higher rate £37,401 and above 40 A starting rate of 10% applies to savings income where it falls within the first £2,440 of taxable income.

Personal allowances

£ Personal allowance Standard 6,475 65–74 9,490 75 and over 9,640 Income limit for age related allowances 22,900

Car benefit percentage

The base level of CO2 emissions is 135 grams per kilometre. A lower rate of 10% applies to petrol cars with CO2 emissions of 120 grams per kilometre or less.

Car fuel benefit

The base figure for calculating the car fuel benefit is £16,900.

Pension scheme limits

Annual allowance £245,000

The maximum contribution that can qualify for tax relief without evidence of earnings is £3,600.

Authorised mileage allowances: cars

Up to 10,000 miles 40p Over 10,000 miles 25p



Capital allowances

Rate of allowance

Plant and machinery %

General pool – First year allowance 40

– Writing down allowance 20

Special rate pool 10

The first year allowance of 40% applies to expenditure during the period 6 April 2009 to5 April 2010 (1 April 2010 to 31 March 2010 for limited companies) Motor cars CO2 emissions up to 110 grams per kilometre 100 CO2 emissions between 111 and 160 grams per kilometre 20 CO2 emissions above 160 grams per kilometre 10 Annual investment allowance First £50,000 of expenditure 100 Industrial buildings Writing-down allowance 2

CORPORATION TAX

Financial year 2007 2008 2009 Small companies rate 20% 21% 21% Full rate 30% 28% 28% Small companies rate lower limit £300,000 £300,000 £300,000 Small companies rate upper limit £1,500,000 £1,500,000 £1,500,000 Marginal relief fraction 1/40 7/400 7/400

Marginal relief

(M – P) × I/P × Marginal relief fraction

Extended loss relief Extended loss relief is capped at £50,000

For limited companies it applies to loss making accounting periods ending between 24 November 2008 and 23 November 2010

VALUE ADDED TAX

Standard rate of VAT – Up to 31 December 2009 15.0% – From 1 January 2010 onwards 17.5% Registration limit £68,000 Deregistration limit £66,000



CAPITAL GAINS TAX

Rate of CGT 18% Annual exemption £10,100 Entrepreneurs’ relief

Lifetime limit £1,000,000 Relief factor 4/9ths

NATIONAL INSURANCE CONTRIBUTIONS (not contracted out rates)

% Class 1 Employee £1 – £5,715 per year Nil £5,716 – £43,875 per year 11.0 £43,876 and above per year 1.0 Class 1 Employer £1 – £5,715 per year Nil £5,716 and above per year 12.8 Class 1A 12.8 Class 2 £2.40 per week Class 4 £1 – £5,715 per year Nil £5,716 – £43,875 per year 8.0 £43,876 and above per year 1.0

RATES OF INTEREST

Official rate of interest: 4.75% Rate of interest on underpaid tax: 2.50% Rate of interest on overpaid tax: Nil

REVIS ION MOCK QUEST IONS


ALL FIVE questions are compulsory and MUST be attempted

1 William Wong is the finance director of Glossy Ltd. The company runs a publishing business. The following information is available for the tax year 2009/10:

(1) William is paid director’s remuneration of £2,400 per month by Glossy Ltd.

(2) In addition to his director’s remuneration, William received two bonus payments from Glossy Ltd during the tax year 2009/10. The first bonus of £22,000 was paid on 30 June 2009 and was in respect of the year ended 31 December 2008. William became entitled to this bonus on 15 March 2009. The second bonus of £37,000 was paid on 31 March 2010 and was in respect of the year ended 31 December 2009. William became entitled to this second bonus on 15 March 2010.

(3) From 6 April 2009 until 31 December 2009 William used his private motor car for business purposes. During this period William drove 12,000 miles in the performance of his duties for Glossy Ltd, for which the company paid an allowance of 30 pence per mile. The relevant HM Revenue & Customs approved mileage rates to be used as a basis of an expense claim are 40 pence per mile for the first 10,000 miles, and 25 pence per mile thereafter.

(4) From 1 January 2010 to 5 April 2010 Glossy Ltd provided William with a diesel powered company motor car with a list price of £46,000. The motor car cost Glossy Ltd £44,500, and it has an official CO2 emission rate of 239 grams per kilometre. Glossy Ltd also provided William with fuel for his private journeys.

(5) William was unable to drive his motor car for two weeks during February 2010 because of an accident, so Glossy Ltd provided him with a chauffeur at a total cost of £1,800.

(6) Throughout the tax year 2009/10 Glossy Ltd provided William with a television for his personal use that had originally cost £3,825.

(7) Glossy Ltd has provided William with living accommodation since 1 January 2008. The property was purchased in 1996 for £90,000, and was valued at £210,000 on 1 January 2008. It has an annual value of £10,400.

(8) Glossy Ltd pays an annual insurance premium of £680 to cover William against any liabilities that might arise in relation to his directorship.

(9) During May 2009 William spent ten nights overseas on company business. Glossy Ltd paid him a daily allowance of £10 to cover the cost of personal expenses such as telephone calls to William’s family.

(10) William pays an annual professional subscription of £450 to the Institute of Finance Directors, HM Revenue & Customs approved professional body, and a membership fee of £800 to a golf club. He uses the golf club to entertain clients of Glossy Ltd.

Required:

(a) State the rules that determine when a bonus paid to a director is treated as being received for tax purposes. (3 marks)

(b) Calculate William’s taxable income for the tax year 2009/10. (15 marks)

(c) Calculate the total amount of both Class 1 and Class 1A national insurance contributions that will have been paid by William and Glossy Ltd in respect of William’s earnings and benefits for the tax year 2009/10. (5 marks)



(d) Advise William of the forms that Glossy Ltd must provide to him following the end of the tax year 2009/10 in respect of his earnings and benefits for that year, and state the dates by which these forms have to be provided to him.

(2 marks)

(Total: 25 marks)

2 (a) Tomtom Ltd is a UK resident company that manufactures in-car satellite navigation systems. It has been trading since 1 April 2001 having prepared accounts each year to 31 March.

The company’s summarised profit and loss account for the year ended 31 March 2010 is as follows: £ £ Gross profit 886,252 Operating expenses: Irrecoverable debts (Note 1) 2,740 Depreciation 120,256 Professional fees (Note 2) 24,048 Gifts and donations (Note 3) 5,100 Rent and rates (Note 4) 134,400 Other expenses (Note 5) 208,576 ––––––– (495,120) ––––––– Operating profit 391,132 Income from investments: Bank interest (Note 6) 19,920 Profit on disposal of building (Note 7) 200,000 ––––––– 611,052 Interest payable (Note 8) (144,000) ––––––– Profit before taxation 467,052 ––––––– Note 1 – Irrecoverable debts

Irrecoverable debts are as follows: £ Trade debts recovered (written off in previous years) (2,960) Increase in allowance for trade debtors 2,700 Loan to a customer written off 3,000 ––––– 2,740 ––––– Note 2 – Professional fees Professional fees are as follows: £ Accountancy and audit fee 11,328 Legal fees in connection with: – the issue of share capital

11,040

– setting up a new 15-year property lease 1,680 –––––– 24,048 ––––––



Note 3 – Gifts and donations

Gifts and donations are as follows:

£ Gifts to customers – Car sun visors costing £28 each, displaying Tomtom Ltd’s

logo

2,400 – Hampers of food costing £100 each 1,100 Donation to national charity (not made under the Gift Aid scheme)

1,600

––––– 5,100 ––––– Note 4 – Rent and rates

Rent and rates includes a premium of £80,000 that was paid on 1 April 2009 for the grant of a new 15 year lease on an office building.

Note 5 – Other expenses

Other expenses include £10,108 for entertaining customers and £6,142 for entertaining employees. The remaining expenses are all allowable.

Note 6 – Bank interest received

The bank deposits are held for non-trading purposes. Interest of £16,000 was received on 30 September 2009 and £3,920 on 31 March 2010.

Note 7 – Buildings

On 1 January 2004, Tomtom Ltd had purchased for £150,000 a new factory which qualified for industrial buildings allowance. It was brought into use immediately. The factory was sold on 1 January 2010 for £350,000.

Assume the indexation allowance from January 2004 to January 2010 is £22,050. An appropriate claim to minimise the chargeable gain is made.

On 1 September 2009, Tomtom Ltd bought for £450,000 an office building which does not qualify for industrial buildings allowance.

Note 8 – Interest payable

The interest is in respect of a debenture loan that has been used for trading purposes.

Note 9 – Plant and machinery

On 1 April 2009 the tax written down values of plant and machinery were: £ General pool 149,300 Expensive car 13,500

The following transactions took place during the year ended 31 March 2010:

Cost/(proceeds) £ 5 May 2009 Purchased machinery 90,260 22 June 2009 Purchased a computer 10,140 11 September 2009 Purchased a motor car 14,100 15 October 2009 Sold equipment (15,220) 12 December 2009 Sold expensive car (5,500)


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The motor car purchased on 11 September 2009 has a CO2 emission rate of 106 grams per kilometre. The equipment sold on 15 October 2009 for £15,220 originally cost £20,400.

Note 10 – Other information

Tomtom Ltd has two associated companies.

Required:

(i) Calculate Tomtom Ltd’s tax adjusted trading profit for the year ended 31 March 2010.

Your computation should commence with the net profit figure of £467,052, and should list all of the items referred to in Notes (1) to (8) indicating by the use of zero (0) any items that do not require adjustment. (14 marks)

(ii) Calculate Tomtom Ltd’s corporation tax liability for the year ended 31 March 2010. (6 marks)

Note that in answering parts (b) and (c) of the question you are not expected to take account of any of the information provided in part (a) above.

(b) Efficient Ltd has been registered for VAT for many years, accounting for VAT on a standard quarterly basis (i.e. quarters to 31 March, 30 June, 30 September and 31 December).

In the past, their customers have paid on the submission of an invoice. However, on 10 February 2010 the company received a payment on account of £5,000 in respect of a contract with Cloud Ltd to provide services that was completed on 28 May 2010. The total value of the contract is £18,000. Both of these figures are inclusive of VAT at the standard rate.

(i) Explain when Efficient Ltd is required to issue a VAT invoice, and the period during which such an invoice should be issued. (2 marks)

(ii) State the VAT rules that determine the tax point date in respect of a supply of services to Cloud Ltd. (3 marks)

(c) Jester Ltd registered for VAT on 1 March 2009. It accounts for VAT on a quarterly basis to 31 May, 31 August, 30 November and 28 February.

The company has annual standard rated sales of £95,000, and these are all made to the general public. It has annual standard rated expenses of £26,000. Both figures are inclusive of VAT.

The managing director has heard about the flat rate scheme and established that the relevant flat rate scheme percentage for the company’s trade is 9%.

Required:

Advise Jester Ltd of the conditions that it must satisfy before being permitted to use the VAT flat rate scheme, and the advantages of joining the scheme.

Your answer should be supported by appropriate calculations of the potential annual tax saving. (5 marks)

(Total: 30 marks)



3 Sabrina Hopkins made the following disposals of assets during the tax year 2009/10.

14 May 2009:

8,000 shares in SH Ltd, an unquoted UK resident company, sold for £18,000.

Sabrina’s holding had been purchased as follows:

4,000 on 15 May 1998 for £4,000 5,000 on 16 August 2006 for £5,900 2,000 on 18 May 2009 for £2,800

Sabrina’s shareholding represents a 12% interest and she has worked for the company on a full time basis for 12 years.

18 June 2009:

An antique vase was sold for £8,450 net of expenses of sale amounting to £550. The vase had cost £3,200 in June 2005.

30 June 2009:

Sabrina sold a house for £237,600. The house had been purchased on 1 October 2002 for £123,876. Sabrina occupied the house as her main residence from the date of purchase until 31 December 2005. The house was then unoccupied until it was sold on 30 June 2009.

21 October 2009:

2,000 shares in ABC Ltd an unquoted company were sold for £15,400. Sabrina had originally purchased 2,400 shares for £8,100 in May 2003. ABC Ltd had made a 1 for 4 rights issue for £4.50 each in September 2004. Sabrina had purchased her full rights entitlement.

Sabrina has never worked for the company and her interest represents less than 1% of the share capital.

30 November 2009:

Sabrina sold a motor car for £16,400. The motor car had been purchased on 21 January 2006 for £12,800. The motor car has always been used by Sabrina.

18 December 2009:

Sold three acres of land for £307,800. She had originally purchased four acres of land on 17 July 2008 for £237,600. The market value of the unsold acre of land as at 18 December 2009 was £97,200. The land has never been used for business purposes.

Required:

Compute Sabrina’s capital gains tax liability for the tax year 2009/10, and advise her on the availability of Entrepreneurs’ relief on each disposal.

State the due date by when the capital gains tax liability should be paid.

(20 marks)



4 (a) Uwe Vang commenced in self-employment on 1 November 2007, preparing accounts to 31 October. Her results as adjusted for tax purposes for the first two years of trading were as follows:

Year ended 31 October 2008 Trading loss (25,200)

Year ended 31 October 2009 Trading profit 4,800

Uwe also has the following gross income for the tax years 2004/05 to 2009/10:

Employment income Bank interest £ £ 2004/05 39,200 800 2005/06 42,900 1,300 2006/07 35,100 1,600 2007/08 13,800 2,200 2008/09 Nil 2,400 2009/10 Nil 2,700

Required:

Assuming that Uwe claims loss relief as early as possible against her total income, calculate her net income after loss relief for each of the tax years 2004/05 to 2009/10. (5 marks)

(b) Wue Xian has been in self-employment since 2002.

She has the following taxable gross income and gross trade charges for the tax years 2006/07 to 2009/10:

2006/07 2007/08 2008/09 2009/10 2010/11 £ £ £ £ £ Trading profit/(loss) 37,600 28,700 9,600 (71,250) 3,200 Bank interest 4,950 5,600 4,600 4,300 3,900

Required:

Assuming that Wue claims loss relief as early as possible, calculate her net income after loss relief for each of the tax years 2006/07 to 2010/11. (6 marks)

(c) Yui Zong has been in self-employment since 2002, but ceased trading on 30 September 2009. She has always prepared accounts to 30 September.

Her results for the final five years of trading were as follows:

Years ended £ 30 September 2006 Trading profit 10,300 30 September 2007 Trading profit 9,100 30 September 2008 Trading profit 800 30 September 2009 Trading loss (9,600)

For each of the tax years 2005/06 to 2009/10 Yui has received other income of £4,000 (gross).

Yui has unused overlap profits brought forward of £2,300.

Required:

Assuming that Yui claims terminal loss relief, calculate her net income after loss relief for each of the tax years 2005/06 to 2010/11 (4 marks)

(15 marks)



5 Ruby Chan has been a self-employed computer consultant since 1991. Her income for 2009/10 is as follows:

£ Tax adjusted trading profits 46,700 Rental income 3,300 Building society interest received 5,200 Chargeable gain 12,400

Ruby's payments on account for 2009/10 totalled £3,280.

Required:

(a) (i) Calculate the income tax, Class 4 NIC and CGT payable by Ruby for 2009/10; (7 marks)

(ii) Calculate Ruby's balancing payment for 2009/10, and her payments on account for 2010/11.

Your answer should include the relevant due dates. (3 marks)

(b) Advise Ruby of the consequences of:

(i) Not filing her self-assessment tax return for 2009/10 until 31 May 2010;

(2 marks)

(ii) Not making the balancing payment for 2009/10 until 31 May 2010.

(3 marks)

(15 marks)

ACCA

ACCA

Paper F6

Taxation June 2010

Revision Mock – Answers

To gain maximum benefit, do not refer to these answers until you have completed the corporate mock questions and submitted them for marking.

P A PER F6 ( UK ) : TAXATION (FA2009)

PAG E 2 OF 26 KAPLAN PUB LISHING

© Kaplan Financial Limited, 2010

The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.

All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.

REVIS I ON MOCK ANSWERS

KAPLAN PUBL ISHI NG Page 3 of 26

1 WILLIAM WONG

Key answer tips

A long question requiring the calculation of many employment benefits, but most of them should not have been a problem. Tricky aspects include recognition of exempt benefits such as liability insurance and the overseas allowance, and the inclusion of the chauffeur’s wages.

Parts (a) and (d) should have provided easy marks in giving rules which should have been learnt.

In part (b) national insurance contributions need to be calculated on an annual basis and should not have given cause for concern.

(a) Date of receipt for bonuses

A bonus which is paid to a director is treated as being received for tax purposes on the earliest of:

(1) The date that the bonus is paid.

(2) The date that entitlement to the bonus arises.

(3) The date when the bonus is credited in the company’s accounts.

(4) (i) If the bonus relates to that period, and has been determined before the end of the period:

− the end of the period of account.

(ii) If the period of account the bonus relates to has already ended:

− the date that the bonus is determined



(b) William – Taxable income computation for 2009/10 £ £

Director’s remuneration (£2,400 × 12) 28,800 Bonus (Note 1) 37,000 –––––– 65,800 Benefits Car benefit (W1) 4,025 Fuel benefit (W1) 1,479 Chauffeur (Note 2) 1,800 Television (£3,825 at 20%) 765 Living accommodation – Annual value 10,400 Living accommodation – Additional benefit (W2) 6,413 Liability insurance (Note 3) – Overseas allowance (Note 3) – –––––– 24,882 –––––– 90,682 Expenses Mileage allowance (W3) 900 Professional subscription 450 Golf club membership (Note 4) – –––––– (1,350) –––––– Employment income 89,332 Less Personal allowance (6,475) –––––– Taxable income 82,857 ––––––

Tutorial note:

1. The first bonus of £22,000 will have been treated as being received during 2008/09 as William became entitled to it on 15 March 2009.

2. The car benefit does not cover the cost of a chauffeur, so this is an additional benefit.

3. The provision of liability insurance does not give rise to a taxable benefit, nor does the payment of the overseas allowance since it is not above the de minimis limit of £10 per night.

4. The golf club membership is not an allowable deduction despite being used to entertain customers.



Workings

(W1) Car and fuel benefits

CO2 emissions = 239 g/km, available 3 months

%Diesel 18Plus (235 − 135) × 1/5 20 –––Appropriate percentage 38 –––Appropriate % = Restricted to 35% £ Car benefit (£46,000 x 35% x 3/12) 4,025 –––––Fuel benefit (£16,900 x 35% 3/12) 1,479

–––––

Tutorial note:

There is no reduction for the car being unavailable for two weeks. The car must be unavailable for at least 31 consecutive days before the benefit can be reduced.

(W2) Additional benefit for expensive accommodation

Since the property was purchased more than six years before first being provided to William, the benefit is based on the market value of £210,000, when first provided.

£ MV of property (January 2008) 210,000 Less Limit (75,000) –––––– Excess 135,000 –––––– Additional benefit (£135,000 x 4.75%) 6,413 ––––––

(W3) Mileage allowance

The mileage allowance received will be tax-free, and William can make the following expense claim:

Authorised mileage allowance: £ 10,000 miles at 40p 4,000 2,000 miles at 25p 500 ––––––

4,500 Mileage allowance received (12,000 at 30p) (3,600) ––––––

Allowable deduction 900 ––––––



(c) Class 1 and Class 1A NICs

Directors have an annual earnings period for NIC purposes, so the fact that William had earnings of £2,400 which is below the upper earnings limit of £3,656 (£43,875 x 1/12) for eleven months of 2009/10 is not relevant.

Employee Class 1 primary NIC for 2009/10 £ (£43,875 – £5,715) x 11% 4,198 (£65,800 – £43,875) x 1% 219 ––––––

4,417 –––––– Employer’s Class 1 secondary NIC for 2009/10 (£65,800 – £5,715) x 12.8% 7,691 ––––––

Employer’s Class 1A NIC for 2009/10 (£24,882 (part (b)) x 12.8%) 3,185

––––––

Key answer tips

Directors NICs are always calculated on an annual basis. Other employees NICs are calculated according to the payment period (i.e. weekly or monthly). However, in the exam, the examiner has stated that he will only ever require calculations on an annual basis.

(d) PAYE year end forms

• Form P60 employee’s certificate of pay, income tax and NIC must be given to William by 31 May 2010.

• A copy of form P11D detailing expense payments and benefits must be given to William by 6 July 2010.

Tutorial note:

These two forms are the most common PAYE forms you may be required to comment on, the other form to be aware of is the P45 which is issued when you leave an employment!



ACCA marking scheme

Marks (a) Recognition that it is the earlier of four dates 0.5

Date paid 0.5 Entitlement date 0.5 Date credited in accounts 0.5 Determined before end of period 0.5 Determined after end of period 0.5 –––– 3.0 ––––

(b) Director’s remuneration 1.0 Bonus 1.0 Appropriate percentage for car benefit 1.0 Car benefit 1.0 Fuel benefit 1.0 Chauffeur 1.0 Television benefit 1.0 Annual value 0.5 Expensive accommodation benefit 2.0 Liability insurance – exempt benefit 1.0 Overseas allowance – exempt benefit 1.0 Mileage allowance deduction 2.0 Professional subscription deduction 0.5 Golf club membership no deduction 0.5 Personal allowance 0.5 –––– 15.0 –––– (c) Recognition that must be calculated on an annual basis 1.0 Class 1 Primary contributions 2.0 Class 1 Secondary contributions 1.0 Class 1A contributions 1.0 –––– 5.0 –––– (d) Form P60 1.0 Form P11D 1.0 –––– 2.0 –––– Total 25.0 ––––



2 TOMTOM LTD

Key answer tips

This question is a classic, but detailed corporation tax question that needs an ordered approach to maximise the marks obtained. Each stage of the process is fairly straightforward with no particular difficulties, with the possible exception of the treatment of the lease payment.

The capital allowances need careful consideration however and as can be expected in such a question, the company is a marginal rate company so the tax calculation is therefore important.

The last two parts are an independent section testing your VAT knowledge, in particular the definition of the tax point date for the provision of services and the flat rate scheme.

This part can be answered before part (a) and is a straightforward communication of rules and application to a small scenario. This should provide easy marks if you have learnt the rules.Remember that VAT will feature for at least 10 marks in each paper, and is usually easy to score highly on. Do not overlook this area in your revision!

(a) (i) Tomtom Ltd

Tax adjusted trading profit – year ended 31 March 2010 £ £ Profit before taxation 467,052 Add: Trade debts (Note 1) 0 Non trade loan written off 3,000 Depreciation 120,256 Accountancy and audit (Note 2) 0 Legal fees – issue of share capital (Note 3) 11,040 Legal fees – new short lease (Note 4) 1,680 Gift to customers – sun visors (Note 5) 0 Gift to customers – food hampers (Note 5) 1,100

National charity – Not Gift Aid (Note 6) 1,600 Lease premium (Note 7) 80,000 Deduction of lease premium (W1) 3,840 Entertaining customers (Note 8) 10,108 Entertaining employees (Note 8) 0 Bank interest 19,920 Profit on disposal of building 200,000 Interest payable 0 –––––– –––––––– 223,760 695,836 –––––– (223,760) –––––––– Adjusted trading profit before capital allowances 472,076 Less: Industrial buildings allowance (W2) (Nil) Plant and machinery (W3) (119,076) –––––––– Tax adjusted trading profit 353,000 ––––––––



Key answer tips

In the adjustment to profits calculation it is important to list all the major items indicated in the question requirement, showing a zero (0) for expenditure that is allowable. This is because credit will be given for showing no adjustment where none is needed.

If required, also add notes to show why you have not adjusted for an item, or why you have added it back. However, lengthy explanations are not required where the requirement is just to ‘calculate’ the adjusted profits, rather than to explain them.

Always show your workings if the figure you are adjusting for is not clear from the question.

Tutorial note:

1. Irrrecoverable debts charged in accordance with Financial accounting guidelines by a company are allowable for tax purposes, as they will be specific in nature.

2. Accountancy and audit fees are allowable as incurred wholly and exclusively for the purposes of the trade.

3. The legal fees in connection with the issue of share capital are not allowable, being capital in nature.

4. The legal fees in connection with the renewal of a short lease (life of less than 50 years) are specifically allowable, however the costs relating to the setting up of a new lease are not allowable.

5. Gifts to customers are an allowable deduction if they cost less than £50 per recipient per year, are not of food, drink, tobacco, or vouchers exchangeable for goods, and carry a conspicuous advertisement for the company making the gift.

The sun visors cost £28 and carry an advertisement for the business, therefore they are allowable. However, the hampers contain food and are therefore not allowable.

6. The Gift Aid donation is allowable but is deducted from total profits in the PCTCT computation, it is not an allowable deduction in the adjustment of profits and therefore needs to be added back. A donation not made under the Gift Aid provisions is not allowable.

7. The cost of a lease is disallowable (capital), but there is relief for the ‘revenue’ element of the premium received spread over the life of the lease.

The revenue element is calculated using the P – (P x 2% x (n – 1)) formula and then divided by the life of the lease to calculate the annual deduction.

8. The only exception to the non-deductibility of entertainment expenditure is when it is in respect of employees.


P A G E 1 0 O F 2 6 KAPLAN PUB LISHING

(ii) Tomtom Ltd

Corporation tax computation – year ended 31 March 2010 £ Tax adjusted trading profit (part (a) above) 353,000 Non-trading interest receivable (W4) 16,920 Chargeable gain (W5) Nil ––––––– PCTCT 369,920 ––––––– Corporation tax (W6) (£369,920 @ 28%) 103,578 Less: Marginal relief 7/400 × (£500,000 − £369,920) (2,276) ––––––– 102,302 ––––––– Workings

(W1) Lease premium

The proportion of the lease premium allowed as a deduction: £ Total 80,000 Less: 2% × (15 − 1) × £80,000 (22,400) –––––– Revenue cost 57,600 –––––– This is the taxable amount that Tomtom Ltd can deduct over the life of the lease. Annual deduction = (£57,600 ÷ 15 years) £3,840

(W2) Industrial buildings allowance

There no IBAs as the building has been sold during this CAP.

The company is not entitled to any allowances in the year of disposal.

(W3) Capital allowances computation

Tutorial note:

1. Capital allowances on new car purchases are now calculated based on the CO2 emissions of the car as follows:

CO2 emissions of < 111 g/km: eligible for a FYA of 100%. CO2 emissions of between 111 – 160 g/km: put in main pool, eligible for a WDA at 20%. CO2 emissions of > 160 g/km: put in special rate pool, eligible for a WDA at 10%.

The appropriate rates are given in the tax rates and allowances.



2. The maximum £50,000 AIA is avaiable for the group of companies as a whole. However, it is assumed that all of the AIA will be given to Tomtom Ltd in this answer. Unless there is a clear indication to suggest otherwise, always make this assumption if you are required to do the computation of the holding company and have no other information about the associated companies. However, make a comment that this is what you have done in your answer.

3. The machinery and computer are both purchased between 1 April 2009 and 31 March 2010, therefore they are eligible for both the AIA and the temporary FYA at 40% on the balance of the expenditure in excess of the AIA.

General Pool

Expensive car

Total allowances

£ £ £ £ 12 m/e 31.3.2010

TWDV b/f 149,300 13,500 Additions (with AIA and FYA) Machinery 90,260 Computer 10,140 –––––– 100,400 Less AIA (max) (50,000) 50,000 –––––– 50,400 Disposals (15,220) (5,500) –––––– –––––– 134,080 8,000 Balancing allowance (8,000) 8,000 –––––– Less WDA (20%) (26,816) 26,816 Less FYA (40%) (20,160) 20,160 –––––– 30,240 Additions (with FYA) Low emission car 14,100 Less FYA (100%) (14,100) 14,100 –––––– Nil –––––– TWDV c/f 137,504 –––––– Total allowances 119,076 ––––––



(W4) Non-trading interest receivable

£ Bank interest receivable 19,920 Less: Non-trade debt written off (3,000) –––––– 16,920 ––––––

Tutorial note:

The non-trade debt written off is not allowable against trading profits (part (a)), however it is an allowable deduction against interest income in part (b).

(W5) Chargeable gain

£ Disposal proceeds 350,000 Less: Acquisition cost (150,000) ––––––– Unindexed gain 200,000 Less: Indexation allowance (22,050) ––––––– Chargeable gain 177,950 –––––––

The gain can be rolled over against the acquisition cost of the office building acquired on 1.9.09.

There is no restriction to the amount of rollover relief.

All of the gain can be deferred as all of the proceeds received (£350,000) are reinvested on 1.9.09.

The reinvestment takes place within the qualifying time period 1.1.09 to 1.1.13 (i.e. one year before and three years after the date of disposal).

Therefore, no chargeable gain arises now in CAP to 31.3.10.

Key answer tips

Even though it is clear that all of the sale proceeds are reinvested and therefore there will be no chargeable gain assessed in the year ended 31 March 2010, you need to calculate the chargeable gain and explain how much will be deferred, and why, to obtain the maximum marks available.



(W6) Corporation tax rate

There are three companies under common control.

Therefore the 'limits' applicable to each company are:

Lower limit: £300,000 x 1/3 = £100,000

Upper limit: £1,500,000 x 1/3 = £500,000

PCTCT = Profits = £369,920

Therefore the company is a marginal rate company.

Tutorial note:

PCTCT = Profits as there are no dividends received by Tomtom Ltd from any other companies.

(b) (i) VAT invoices

• A VAT invoice must be issued when a standard rated supply is made to a VAT registered person.

• A VAT invoice should be issued within 30 days of the date that the taxable supply of services is treated as being made.

(ii) Supply of services

• The basic tax point for services is the date that they are completed.

• However, if an invoice is issued or payment received before the basic tax point, then this becomes the actual tax point.

• If an invoice is issued within 14 days of the basic tax point, the invoice date will usually replace the basic tax point date and becomes the actual tax point.

• However, it is possible to agree a later tax point date with HMRC (for example it is common to agree that the invoice date will apply if there is an “end of month” invoice policy).

• In relation to the contract with Cloud Ltd, the actual tax point date for the payment on account of £5,000 will be 10 February 2010.

• The actual tax point date for the balance of £13,000 will be the completion date of 28 May 2010, unless an invoice is issued within 14 days (i.e. by 11 June 2010) or there is an agreement with HMRC for a later date to apply.



(c) Jester Ltd – Flat rate scheme

• Jester Ltd can use the flat rate scheme if its expected taxable turnover for the next 12 months does not exceed £150,000.

• The main advantage of the scheme is the simplified VAT administration. Jester Ltd’s customers are not VAT registered, so there will be no need to issue VAT invoices.

• Using the normal basis of calculating the VAT liability, Jester Ltd will have to pay annual VAT of £10,277 ((£95,000 – £26,000) × 17.5/117.5).

• If Jester Ltd uses the flat rate scheme then it will pay VAT of £8,550 (£95,000 × 9%), which is an annual saving of £1,727 (£10,277 – £8,550).

Tutorial note:

The rate to apply to calcualte the VAT element from a VAT inclusive price is 17.5/117.5, or 7/47 ths.

ACCA marking scheme

Marks (a) (i) No adjustment for trade debt charges 0.5 Non-trade debt adjustment 0.5 Depreciation adjustment 0.5 No adjustment for accountancy 0.5 Legal fees re share capital adjustment 0.5 Legal fees re-new short lease adjustment 0.5 No adjustment for sun visors 0.5 Food hamper adjustment 0.5 Adjustment for donation not under Gift Aid 0.5 Lease premium adjustment 0.5 Lease premium allowable deduction 2.0 Entertaining customers adjustment 0.5 No adjustment for entertaining employees 0.5 Bank interest deduction 0.5 Profit on disposal deduction 0.5 No adjustment for interest payable 0.5 No IBAs available 0.5 Additions qualifying for AIA and FYA 1.0 Maximum AIA given 0.5 Disposals – deduction of lower of sale proceeds and cost 0.5 Balancing allowance 0.5 Writing down allowance 0.5 FYA @ 40% 0.5 FYA @ 100% 0.5 –––– 14.0 ––––



Marks

(a) (ii) Tax adjusted trading profit – pick up figure from part (a) 0.5 Non-trade interest receivable 1.0 Chargeable gain in computation 0.5 Calculation of chargeable gain 1.0 Explanation of rollover relief 1.0 Corporation tax liability computation 1.5 Upper and lower limits – decision re-rate of tax 0.5 –––– 6.0 –––– (b) (i) When an invoice should be issued 1.0 Due date for issue of an invoice 1.0 –––– 2.0 –––– (b) (ii) Basic tax point 0.5 Actual tax point – before BTP date – rules 0.5 Actual tax point – after BTP date – rules 0.5 Apply to Jester Ltd 1.5 –––– 3.0 –––– (c) Conditions 1.0 Advantages 1.0 Normal VAT liability calculation 1.0 Flat rate scheme calculation 1.0 Annual saving 1.0 –––– 5.0 –––– 30.0 ––––

3 SABRINA HOPKINS

Key answer tips

A typical capital gains tax question with several disposals including a disposal of shares, chattel, home with PPR relief, part disposal and an exempt asset.

Consideration of Entrepreneurs’ relief is required on each disposal. As the calculation of gains is now much simpler than it used to be, examination questions going forward are more likely to test knowledge of the reliefs in detail.



Sabrina Hopkins

Capital gains computations 2009/10

£ £ SH Ltd shares First matching is with shares acquired within following 30 days from date of disposal (i.e. Purchase on 18 May 2009)

Proceeds (2,000/8,000 × £18,000) 4,500 Less: Cost (2,800) –––––– Chargeable gain 1,700 Second matching is with shares in the share pool

Proceeds (6,000/8,000 × £18,000) 13,500 Less: Cost (W1) (6,600) –––––– Chargeable gain 6,900 –––––– Total chargeable gains on the disposal of shares 8,600 Less: Entrepreneurs’ relief (Note 1) (4/9 x £8,600) (3,822) –––––– 4,778 Antique vase Gross proceeds 9,000 Less: Selling expenses (550) –––––– Net proceeds 8,450 Less: Cost (3,200) –––––– Chargeable gain (Note 2) 5,250 –––––– Chargeable gain cannot exceed: 5/3 x (£9,000 − £6,000) 5,000 House Proceeds 237,600 Less: Cost (123,876) ––––––– 113,724 Less: PPR exemption (W2) (105,300) ––––––– Chargeable gain (Note 2) 8,424 ABC Ltd shares Proceeds 15,400 Less: Cost (W3) (7,200) –––––– Chargeable gain 8,200



£ £ Motor car Exempt from capital gains tax Nil Land Proceeds 307,800 Less: Allocated cost £237,600 × £307,800/(£307,800 + £97,200) (180,576) ––––––– Chargeable gain 127,224 ––––––– Total chargeable gains 153,626 Less: Annual exemption (10,100) ––––––– Taxable gains 143,526 ––––––– Capital gains tax @ 18% 25,835 ––––––– Due date of payment: 31 January 2011

Notes on the availability of Entrepreneurs’ relief:

1. Entrepreneurs’ relief is available on the disposal of shares in SH Ltd as the company is Sabrina’s personal trading company.

As Sabrina has owned more than a 5% interest in the company for more than 12 months and she is an employee, she is eligible to claim the relief and reduce the total chargeable gain on the disposal of shares by a factor of 4/9 ths.

It does not matter that part of the disposal is matched with a future purchase, Entrepreneurs’ relief is available on the total chargeable gain.

2. Entrepreneurs’ relief is available on business assets but not investment assets. Therefore the relief is not available on the personal chattels, private residence and investment land disposed of by Sabrina.

3. Entrepreneurs’ relief is not available on the disposal of the ABC Ltd shares as Sabrina is not an employee.

Workings

(W1) SH Ltd – Share pool

Number Cost £ 15.5.98 Acquisition 4,000 4,000 16.8.06 Acquisition 5,000 5,900 –––––– –––––– 9,000 9,900 14.5.09 Disposal (£9,900 x 6,000/9,000) (6,000) (6,600) –––––– –––––– Balance c/f 3,000 3,300 –––––– ––––––



(W2) Principal private residence

Total Exempt Chargeable 1.10.02 to 31.12.05 Owner occupied 39 39 1.1.06 to 30.6.09 Empty 42 36 6 ––– ––– –––– 81 75 6 ––– ––– ––––

PPR relief = (£113,724 × 75/81 months) = £105,300

(W3) ABC Ltd – Share pool

Number Cost £ May 2003 Acquisition 2,400 8,100 Sept 2004 Rights issue (1 for 4 @ £4.50) 600 2,700 –––––– –––––– 3,000 10,800 Oct 2009 Disposal (£10,800 x 2,000/3,000) (2,000) (7,200) –––––– –––––– Balance c/f 1,000 3,600 –––––– ––––––

ACCA marking scheme

Marks SH Ltd shares – Applying matching rules 1.0 Gain on next 30 day purchase 1.0 SH Ltd share pool 1.5 Gain on shares in share pool 0.5 Entrepreneurs’ relief calculation 1.0 Normal gain on antique vase 1.0 5/3 rds rule 0.5 Gain on house before PPR 1.0 PPR relief 1.5 ABC Ltd share pool 1.5 Gain on ABC Ltd shares 0.5 Motor car – exempt 0.5 Part disposal of investment land 1.5 Annual exemption 1.0 CGT calculated at 18@ 1.0 Due date for CGT 1.0 Discussion of Entrepreneurs’ relief – applying to each disposal 4.0 –––– Total 20.0 ––––



4 UWE VANG, WUE XIAN AND YUI ZONG

Key answer tips

This question is an individual losses question with three parts, covering firstly opening year losses, then on-going losses and finally closing year losses.

The options available to an individual are quite extensive, however the requirements in this question always ask you to claim the relief as soon as possible. Therefore the carry back options are the ones to concentrate on.

A time consuming, tricky question but an excellent one to test your knowledge of individual losses.

(a) Uwe Vang

Taxable income computations

2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 £ £ £ £ £ Trading income (W) – – – Nil Nil 4,800 Employment income 39,200 42,900 35,100 13,800 Nil Nil Bank interest 800 1,300 1,600 2,200 2,400 2,700 –––––– –––––– –––––– –––––– –––––– –––––– Total income 40,000 44,200 36,700 16,000 2,400 7,500 Less: Loss relief 2007/08 loss (W) c/b 3 years (FIFO)

(10,500)

2008/09 loss (W) c/b 3 years (FIFO)

(14,700)

–––––– –––––– –––––– –––––– –––––– –––––– Net income 29,500 29,500 36,700 16,000 2,400 7,500 –––––– –––––– –––––– –––––– –––––– ––––––

Working: Uwe Vang – Trading income assessments and loss relief

Tax year Basis of assessment Trading income

Loss relief

£ £ 2007/08 Actual basis

1.11.07 to 5.4.08 (£25,200 loss x 5/12)

Nil

10,500 2008/09 First 12 months

year ended 31.10.08 (£25,200 loss – £10,500 already used)

Nil

14,700 2009/10 CYB – year ended 31.10.09 4,800 4,800



Tutorial note:

In the opening years, Uwe Vang has the following options available:

• carry forward the loss against future trading profits from the same trade.

• Offset the loss against total income in the tax year of the loss and/or the preceding tax year.

• After a current year and/or prior year claim has been made, an extended carry back relief is available against trading profits only. The loss can be carried back three tax years on a LIFO basis (i.e. latest years first), but there is a maximum offset of £50,000 in the earliest two years.

• A special opening year loss relief is available to carry back losses three tax years on a FIFO basis (i.e. earliest year first) against total income.

As the requirement asks you to claim the relief against total income and in the earliest years possible – it is clearly indicating that the special opening year loss relief is to be claimed.

The extended carry back relief will not be attractive in the opening years in comparison with the special opening year loss relief.

Note that when applying the opening year assessment rules, the trading loss of £25,200 becomes two separate tax losses to be dealt with.

(b) Wue Xian


2006/07 2007/08 2008/09 2009/10 2010/11 £ £ £ £ Trading income 37,600 28,700 9,600 Nil 3,200 Less: Loss relief Extended carry back relief

(21,300)

(28,700)

Loss b/f (3,200) –––––– –––––– –––––– –––––– –––––– 16,300 Nil 9,600 Nil Nil Building society interest 4,950 5,600 4,600 4,300 3,900 –––––– –––––– –––––– –––––– –––––– Total income 21,250 5,600 14,200 4,300 3,900 Less: Loss relief Current year Nil Prior year (14,200) –––––– –––––– –––––– –––––– –––––– Net income 21,250 5,600 Nil 4,300 3,900 –––––– –––––– –––––– –––––– ––––––



Tutorial note:

In the ongoing years, Wue Xian has the following options available:

• carry forward the loss against future trading profits from the same trade.



As the requirement asks you to claim the relief in the earliest years possible – it is clearly indicating that the extended carry back after a current year/prior year claim is to be considered.

The requirement asks you for the net income, and the amount of loss left to carry forward to 2011/12. A loss memorandum must also be produced as part of your answer.

Loss relief memorandum £ Trading loss in tax year 2009/10 71,250 Relief against total income: (Note) Current year claim – 2009/10

(Nil)

Prior year claim – 2008/09 (14,200) –––––– 57,050 Relief against trading income: Extended carry back to 2007/08

(28,700)

Extended carry back to 2007/08 (Max £50,000 – £28,700) (21,300) –––––– Loss left to carry forward 7,050 Relief against trading income – 2010/11 (3,200) –––––– Loss left to carry forward to 2011/12 3,850 ––––––

Tutorial note:

A current year claim against total income will not be made as the income is already covered by the personal allowance.

A prior year claim will be made and remember that a full claim must be made; it cannot be restricted to preserve the personal allowance.

A current year and/or prior year claim must be made before the extended carry back claim can be considered.



(c) Yui Zong


2006/07 2007/08 2008/09 2009/10 £ £ £ £ Trading income (W) 10,300 9,100 800 Nil Less: Terminal loss relief (2,000) (9,100) (800) (Nil) –––––– –––––– –––––– –––––– 8,300 Nil Nil Nil Other income 4,000 4,000 4,000 4,000 –––––– –––––– –––––– –––––– Net income 12,300 4,000 4,000 4,000 –––––– –––––– –––––– –––––– Loss relief memorandum £ Trading loss in tax year 2009/10 (W) 11,900 Terminal loss relief (LIFO basis) 2008/09 (800) 2007/08 (9,100) 2006/07 (2,000) –––––– Nil –––––– Working: Yui Zong – Trading income assessments and loss relief

Tax year Basis of assessment Trading income

Loss relief

£ £ 2006/07 CYB – year ended 30.9.06 10,300 2007/08 CYB – year ended 30.9.07 9,100 2008/09 CYB – year ended 30.9.08 800 2009/10 The remaining period = last 12 months Nil 9,600 Plus overlap profits 2,300 –––––– Terminal loss 11,900 ––––––

Tutorial note:

In the closing years, Yui Zong has the following options available:





• Alternatively, the terminal loss of the last 12 months trading can be carried back against trading income of the previous three years on a LIFO basis (i.e. latest year first) in the same way as the extended carry back rules, however there is no maximum £50,000 restriction with terminal loss relief.

As the requirement asks you to claim the relief in the earliest years possible – it is clearly indicating that the terminal loss relief claim is to be considered.

In this question, the last assessment happens to be the last 12 months trading and so the loss of 2009/10 is the terminal loss.

ACCA marking scheme

Marks (a) Trading income figures 1.0 Employment income figures 0.5 Bank interest figures 0.5 Calculation of 2007/08 loss 1.0 Set off in 2004/05 0.5 Calculation of 2008/09 loss 1.0 Set off in 2005/06 0.5 –––– 5.0 –––– (b) Trading income figures 0.5 Building society interest figures 0.5 Current year claim 0.5 Prior year claim 1.0 Extended carry back relief 1.5 Loss memorandum 1.0 Offset in 2010/11 0.5 Loss carried forward to 2011/12 0.5 –––– 6.0 –––– (c) Trading income figures 0.5 Other income figures 0.5 Terminal loss calculation 1.0 Terminal loss relief in right years 1.0 Loss memorandum 1.0 –––– 4.0 –––– 15.0 ––––



5 RUBY CHAN

Key answer tips

This question tests the self assessment payment rules and the consequences of not filing on time and not paying on time.

The calculations and application of the rules are straightforward, provided you have revised the rules.

(a) (i) Income tax computation – 2009/10

Total income

Other income

Savings

£ £ £ Trading income 46,700 46,700 Rental income 3,300 3,300 B.S. interest (£5,200 x 100/80) 6,500 6,500 –––––– –––––– –––––– Total income 56,500 50,000 6,500 Less: Personal allowance (6,475) (6,475) –––––– –––––– –––––– Taxable income 50,025 43,525 6,500 –––––– –––––– –––––– Income tax Other income – basic rate 37,400 @ 20% 7,480 Other income – higher rate 6,125 @ 40% 2,450 –––––– 43,525 Savings income – higher rate 6,500 @ 40% 2,600 –––––– 50,025 –––––– –––––– Income tax liability 12,530 Less: Tax credit on savings income (20% × £6,500) (1,300) –––––– Income tax payable 11,230 ––––––

National insurance – Class 4

(£43,875 – £5,715) x 8% 3,053 (£46,700 – £43,875) x 1@ 28 –––––– 3,081 ––––––

Capital gains tax

(£12,400 – £10,100 annual exemption) x 18% 414 ––––––



(ii) Balancing payment – 2009/10

£ Income tax payable 11,230 Class 4 NICs 3,081 ––––––– 14,311 Less: Payments on account (3,280) ––––––– 11,031 Plus: Capital gains tax 414 –––––– Balancing payment 11,445 –––––– Due date 31.1.2011

Payment on account for 2010/11 £ Income tax and Class 4 NICs payable under self assessment in 2009/10

14,311

––––––– 50% payable on 31 January 2011 7,156 50% payable on 31 July 2011 7,155 –––––––

Tutorial note:

Payments on account are based on the previous tax year’s income tax and Class 4 NICs only. No payments on account are required for capital gains tax.

(b) (i) Late filing of self-assessment return – 2009/10

• If the return for 2009/10 is filed on 31 May 2010, it will be within six months of the due date.

• A fixed penalty of £100 will be due.

• An additional £60 per day can be imposed under the direction of the Tax Tribunal.

(ii) Late payment of balancing payment – 2009/10

• If the balancing payment for 2009/10 is not paid until 31 May 2010, it will be four months overdue (31.1.2010 to 31.5.10).

• Interest will be charged at 2.5% as follows:

£11,445 x 2.5% x 4/12 = £95

• In addition, a surcharge of 5% will be imposed as the balancing payment will not have been made within 28 days of 31.1.2010.

• The surcharge will be £572 (£11,445 x 5%).



ACCA marking scheme Marks

(a) (i) Trading income 0.5 Rental income 0.5 BS interest 1.0 Personal allowance 0.5 Income tax liability calculation 1.5 Deduct tax credit on savings income 0.5 Class 4 NICs 1.5 Capital gains tax liability 1.0 –––– 7.0 –––– (a) (ii) Total of income tax and Class 4 0.5 Payments on account deducted 0.5 Capital gains tax added 0.5 Due date for balancing payment 0.5 50% of income tax and Class 4 NICs only 0.5 Due dates for POAs 0.5 –––– 3.0 –––– (b) (i) How late the return is 0.5 Fixed penalty 1.0 Additional penalty 0.5 –––– 2.0 –––– (b) (ii) How late the payment is 0.5 Interest calculation 1.0 Surcharge and reason why 0.5 Calculation of surcharge 1.0 –––– 3.0 –––– Total 15.0 ––––

acca paper f6 for 2010

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