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One of the areas frequently examined in the Advanced Tax exam is the substantial shareholding exemption. (SSE)
It is firstly important to note that this is only available to companies to encourage mergers and acquisitions.
The substantial shareholding exemption does not apply to sales of shares by individuals.
When a company sells shares that satisfy 3 conditions, the shares are automatically eligible for the SSE:-
1. Must own at least 10% ordinary share capital
2. The 10% must be owned for a continuous period of 12 months within the previous 6 years before the disposal
3. The shares disposed of must be in a trading company
There is no requirement to own 10% at the actual date of disposal.
As a result of the SSE, any gain arising on the shares will be tax-free which is a tax advantage.
However, if a capital loss arises, this capital loss is not available for offset against other capital gains which is a tax disadvantage.
It is not possible to make an election to disapply the SSE.
This means that if you are expecting a gain, you should try and retain the shares for 12 months in order to escape paying tax on the gain.
Alternatively, if anticipating a capital loss, try and dispose of the shares after less than 12 months to avoid the SSE and preserve the capital loss.
Capital losses must be offset against capital gains in the same period after which unused capital losses can only be carried forward against future capital gains.
Capital losses cannot be carried back against previous gains.
What is the only CGT deferral relief which can be claimed by both individuals and companies?
The answer ( of course) is the most important relief which features in all tax exams -rollover relief.
However many students confuse rollover and holdover relief.
What is the key difference between rollover and holdover relief?
🎢 Rollover relief enables businesses to postpone paying tax on assets like buildings used in the trade as long as the sale proceeds are reinvested in replacement assets.
The sale proceeds must be reinvested in a replacement business asset 1 year before to 3 years after the disposal of the original asset.
If part of the sale proceeds are retained, a gain equal to that amount crystallises immediately.
The balance of the gain can be deferred.
If the replacement asset is a freehold building or goodwill, then rollover relief can be claimed.
The gain deferred is postponed by deducting it from the cost of the replacement asset.
The reduced cost of the replacement is called base cost which means that the gain is deferred permanently until the replacement freehold building or goodwill is sold.
Alternatively, the sale proceeds can be reinvested in a qualifying depreciating asset with a life of 60 years or less (fixed plant and machinery or a leasehold building). Here, holdover relief can be claimed instead.
The gain is suspended separately until the earliest of 3 events.
· Sale of replacement
· Replacement obsolete
· 10 years after the replacement is bought.
The cost of the depreciating asset is unchanged. When the depreciating asset is sold, the capital loss cannot be claimed if capital allowances were available earlier.
Holdover only offers temporary relief and allows the gain to be postponed for a maximum of 10 years.
It is possible to convert a held over gain into a rolled over gain. This is called ‘hold to roll’.
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We’re committed to continued innovation and advancements to the ACCA Qualification to ensure you’re prepared for today’s workplace. Last year, we successfully launched the ACCA Study Hub, ensuring our students have free access to study materials wherever they are across the globe. Study Hub joins the ACCA Practice Platform and My Exam Performance as study resources that are proven to help students increase their exam success.
Persistent inflation continues to drive up ACCA costs. Therefore, to support continuing innovations and offerings, our session exam fees will be increasing by 5.7% as of the September 2024 exam session, which opens for entry on Tuesday 7 May. You can access more details here.
We'll continue to develop and innovate in the coming year to ensure you have the edge in today’s marketplace
One of the popular areas in the Advanced Tax exam is CGT (capital gains tax) groups.
For CGT groups, the direct shareholding has to be 75% but the indirect shareholding only has to be 51%.
Only UK resident companies can be included in the group, but the holding company can be an overseas company.
It is important to remember that a company can only be in a single CGT group.
There are 3 tax benefits of being in a CGT group:-
📌Assets like buildings can be transferred to group members at nil gain/nil loss. The actual sale proceeds are ignored for tax purposes.
📌Use the group election to give a capital gain / capital loss to a group company. This must be done within 2 years from the end of the accounting period in which the disposal took place. Giving a capital gain to another group company can enable higher group relief. It is also possible to give part of the gain to one group company and part of the gain to another group member.
📌Group rollover relief enables the gain on business assets to be postponed if one group company sells an asset (usually a building) and another group member reinvests the sale proceeds in a replacement business asset ( buildings or fixed plant and machinery ).
June 2024 ACCA Exam entry deadline
29 April – Standard exam entry deadline (Amending or requests for additional support)
6 May – Late exam entry deadline (AVOID! EXPENSIVE!!)
Don't forget to book the exam in June
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