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Paper P6 (UK)

Finance Act 2014
This article summarises the changes made by the UK Finance Act 2014, and is relevant to those sitting Paper F6 (UK) in either June or December 2015. (Those planning to take the exam in December 2014 should refer to the Finance Act 2013 article below instead).

Summary of available articles
The Paper P6 (UK) examiner provides an overview and synopses of the latest technical articles to support you in your studies.

Finance Act 2013
This article summarises the changes made by the UK Finance Act 2013, and is relevant to those sitting Paper P6 (UK) in December 2014.

Corporation tax
This article considers the taxation of a company as it begins trading, acquires an additional business, and eventually invests overseas. It sets out the commercial decisions taken by the company and its shareholders at the different stages in the company’s development and summarises the tax implications of those decisions.

Corporation tax – groups and chargeable gains
This article begins by briefly summarising the rules relating to both group relief groups and capital gains groups. It then goes on to consider various issues relating to capital gains groups that could be introduced in an exam question. It does not include comprehensive explanations of the rules but assumes a reasonable knowledge.

Corporation tax – group relief
This article begins by briefly summarising the rules relating to both group relief groups and capital gains groups. It then goes on to consider a number of group relief tax planning issues that could be introduced in an exam question. It does not include comprehensive explanations of the rules but assumes a reasonable knowledge.

Inheritance tax and capital gains tax
This article considers the occasions where both capital gains and inheritance taxes are relevant to a transaction. It also features illustrations of some issues that need to be considered when giving advice in the context of the Paper P6 exam.

International aspects of personal taxation
This article begins with some basic rules, an understanding of which enables the particular areas of tax affected by an individual coming to, or leaving, the UK to be identified. It then goes on to review those areas in some detail, and provides a clear set of questions to ask in order to determine an individual’s liability to UK taxes. Finally, it deals briefly with the impact of double tax relief and treaties.

Taxation of the unincorporated business
The new business
This article looks at the issues relating to a new business including the choice of business vehicle and the first years of trading. 

Taxation of the unincorporated business
The existing business
This article looks covers some of the issues relating to extraction of profits, change of accounting date and the final years of a business. 

Trusts and tax
The transfer of assets to and from trustees is a complex area of the UK tax system. This article sets out the associated rules that may be examined in Paper P6 (UK) and those areas where knowledge is not required. It considers the various types of trust and the capital gains tax and inheritance tax implications of transferring assets to a trust and property passing absolutely to beneficiaries.

Paper P6 - variant papers

Taxation of individuals – advanced aspects
Relevant to Paper P6 (MYS)
This article was first published in November 2012 based on prevailing tax laws in force as at March 2012. It is now updated to prevailing tax laws as at 31 March 2014.

The pitfalls of interest deduction claims by individual taxpayers
Relevant to Papers F6 (HKG) and P6 (HKG)
This article is relevant to candidates preparing to sit Paper F6 (HKG) and Paper P6 (HKG). It aims to explain, in layman terms as far as possible, the Hong Kong tax rules and practice surrounding the claims for interest deductions by individual taxpayers.

Share-based remuneration
Relevant to Paper P6 (IRL)
Share-based remuneration schemes are used by employers – mainly public companies – to reward employees and ensure their continued commitment. This article explains the tax treatment of four different types of share-based remuneration and is relevant to candidates preparing to sit the Paper P6 (IRL) exam.

Selected tax incentives in Singapore
Relevant to Paper P6 (SGP)
This article provides a quick overview of the common tax incentives provided in the Income Tax Act and the Economic Expansion Incentives (Relief from Income Tax) Act, which are examinable in Paper P6 (SGP).

Taxation of trusts in Malaysia

Relevant to Paper P6 (MYS)
A comprehensive focus on the taxation of trusts in Malaysia, including an outline on what trusts are, aspects of tax treatment of trusts and trust beneficiaries, and tax computation of trusts.

Labuan: a comprehensive look

Relevant to Paper P6 (MYS)
This article aims to pull together various laws and successive development in the relevant laws relating to entities in Labuan, an island in the South China Sea established in 1990 as an international offshore financial centre (IOFC) and rebranded in recent years as an international business financial centre (IBFC).

Understanding the new legislation regarding intellectual property
 
Relevant to Paper P6 (CYP)
This article explains the tax treatment of the new intellectual property regime for Cyprus tax resident companies.

Understanding the four-year rule for dividends between Cyprus tax resident companies
 
Relevant to Paper P6 (CYP)
This article considers the tax treatment of the four-year rule which, when applied, does not allow for the exemption from the imposition of special defence contribution (SDC) on dividends between Cyprus tax-resident companies.

Understanding the benefit arising from debit balances

Relevant to Paper P6 (CYP)
Following the article 'Amendments to the Paper P6 (CYP) syllabus' (see 'Syllabus updates' below), a series of articles that consider these changes begins with a focus on a new form of income recognised in income tax law – the benefit that arises from maintaining a debit balance with a company.

Back-to-back loans

Relevant to Paper P6 (CYP)
This article explains the tax treatment of back-to-back loans, as well as an amendment relating to the deductibility of loan interest when the loan is used to purchase shares in a 100% subsidiary of a Cyprus company.

Real Property Gains Tax
Relevant to Paper P6 (MYS)
An update to the April 2011 article on Malaysia's Real Property Gains Tax.

Three new tax schemes in Singapore
Relevant to Paper P6 (SGP)
An explanation of the three tax initiatives that were introduced in Singapore in Budget 2010 and Budget 2011.

Share value shifiting provisions
Relevant to Paper P6 (MLA)
This article provides an overview of the share value shifting provisions, which commonly feature in Question 1 of the Paper P6 (MLA) exam.

Double tax agreements
Relevant to Paper P6 (MYS)
The main features of double tax agreements and an explanation of some common terms and catchphrases used in connection with treaties.

Tax incentives for Malaysia as a regional hub and for research and development
Relevant to Paper P6 (MYS)
This article considers the incentives put in place to promote Malaysia as a regional hub for multinational companies and to encourage R&D activities in Malaysia.

Anti-avoidance provisions in Malaysia
Relevant to Paper P6 (MYS)
A focus on both the general and specific anti-avoidance provisions in Malaysia’s Income Tax Act 1967.

Revenue audit
Relevant to Paper P6 (IRL)
This article is based on the Revenue Audit Code of Practice 2010, which is effective from 1 October 2010 and is relevant for students sitting Paper P6 (IRL) from June 2012 onwards.

Hong Kong tax issues arising from outbound investments by Hong Kong resident taxpayers
Relevant to Paper P6 (HKG)
This article addresses the main issues relating to outbound investments made by a Hong Kong resident taxpayer - namely source of profits, permanent establishment and transfer pricing.

The export incentive regime in Malaysia
Relevant to Paper P6 (MYS)
An overview of the prevailing export incentives regime in Malaysia.

Real Property Gains Tax

Relevant to Paper P6 (MYS)
Highlighting some of the salient features of Malaysia's Real Property Gains Tax (RPGT) Act 1976.

The taxation of trusts

Relevant to Paper P6 (IRL)
This article is based on current tax legislation inclusive of the Finance Act 2009 and relevant for Paper P6 (IRL) candidates.

2010-2011 budget - tax measures
 
Relevant to Paper P6 (HKG)
The new tax measures in the Hong Kong 2010-2011 budget.

Tax-efficient financing of business operations

Relevant to Paper P6 (MYS)
The Study Guide for Paper P6 (MYS) requires students to know how taxation can affect the financial decisions made by businesses (corporate and unincorporated) and by individuals.

Tax incentives for the financial services sector in Singapore

Relevant to Paper P6 (SGP)
The Singapore government has taken a proactive approach to ensure that the existing tax incentives remain current in the ever-changing landscapre of the financial services sector.

The taxation of income from leasing transactions

Relevant to Paper P6 (MYS)
The income tax for companies carrying on leasing activities falls within Part A1(b) (iii) of the Study Guide for Paper P6 (MYS).

Tax incentives for promotion of investment 

Relevant to Paper P6 (MYS)
The two tax incentives under the Promotion of Investments Act 1986 that are examinable in Paper P6 (MYS).

The taxation of unit trusts and REITS 

Relevant to Paper P6 (MYS)
The specific provisions applicable to real estate investment trusts.

Joint and separate assessment 
Relevant to Paper P6 (MYS)
The principles of joint and separate assessment.

Group relief for companies

Relevant to Paper P6 (MYS)
The operation of group relief and the consequences for a surrendering company which gives incorrect information about its adjusted loss.

Study support videos

Capital gains tax
Steve Singleton from Kaplan Financial outlines how to approach capital gains tax questions in a Paper P6 (UK) exam using previous exam questions as examples.
Cannot access Youtube? Watch it here

Syllabus updates

Changes to the ACCA Qualification Skills module and Professional level in 2014–15
This article explains the planned updates to the ACCA Qualification syllabuses taking place as part of the process of continuous syllabus refreshment and improvement. The article highlights structural changes to exams, including the latest syllabus changes.

Amendments to the Paper P6 (CYP) syllabus
As a result of austerity measures, actions to combat fraud as well as measures aiming to promote business, there are significant amendments to tax legislation and consequently to the syllabus for the 2013 sittings. In addition, there are changes to the format of the paper. This article explains these changes and amendments.

Making the best Options choices 
The Options papers are the final exam hurdle. Peter Redfern, ACCA qualifications manager, explains how choosing Options papers which you are most comfortable with will, hopefully, improve your chances of success.

 

Exam technique

Examiner's approach to Paper P6 (MYS)
This article provides guidance on a new style of question within Section A from the December 2014 sitting of Paper P6 (MYS) and also provides some advice on good exam technique and best exam practice.

Examiner's approach to Paper P6 (UK) - updated
An updated approach to the advanced taxation paper.

Examiner's approach to Paper P6 (IRL)
The aim of the paper, its structure and format.

Examiner's approach to Paper P6 (CYP)
Paper P6 (CYP) enables candidates to acquire strong tax knowledge which is a fundamental prerequisite for a successful career.

Exam technique and fundamental technical issues
This article outlines two important aspects of examination technique and a number of fundamental technical areas that need to be mastered. This article is relevant to students who are beginning their studies and also those for whom the exam is imminent.

Guidance on answering Section A questions for Paper P6 (UK)

An outline of some key advice for students on answering the two questions in Section A of Paper P6 (UK).

Improving your performance

This article, which is relevant to all those preparing to sit Paper P6 (UK), looks at the four aspects of exam technique: reading the question, satisfying the requirements, thinking, and time management. It also provides an overview of useful Paper P6 (UK) technical articles.

Stepping up from Paper F6 to Paper P6

This article identifies the knowledge you need to bring from your Paper F6 studies to be successful in Paper P6.

Passing the Professional level papers

This article outlines what candidates can do to ensure they are well prepared for Professional level exams.

How to tackle exams – a marker's perspective

A lack of knowledge is not the only thing that can lead to exam failure – poor technique could also let you down. This article highlights some common errors all ACCA students need to avoid.

Passing the Professional level papers

This article outlines what candidates can do to ensure they are well prepared for Professional level exams.

Last updated: 23 Nov 2014