ACCA

Taxation (TX – UK) FA2023

Mock Exam 4
March/June 2023 amended

Questions

Time allowed 3 hours

This exam is divided into three sections:

Section A – ALL 15 questions are compulsory and MUST be attempted.
Section B – ALL 15 questions are compulsory and MUST be attempted.
Section C – ALL THREE questions are compulsory and MUST be attempted.

DO NOT OPEN THIS EXAM UNTIL YOU ARE READY TO START

UNDER EXAMINATION CONDITIONS

477
478 Taxation (TX – UK) FA2023
 Section A

QUESTIONS
ALL 15 questions are compulsory and MUST be attempted.
1 Simon has been a sole trader since 2012, preparing accounts to 31 March each year. In the year
to 31 March 2023, he had trading profits of £60,000 and in the year to 31 March 2024 he had
trading profits of £66,000.
What is the amount of Class 4 national insurance contributions (NIC) that Simon will have to pay
for the tax year 2023/24?

£ 3708 (2 marks)

2 Which TWO of the following statements about tax appeals are correct?
 The First Tier Tribunal deals with straightforward cases such as the imposition of fixed filing
penalties.
 The Crown Prosecution Service (CPS) conducts tax appeals against taxpayers.
 The taxpayer must apply for an internal review by HM Revenue and Customs (HMRC) before
making an appeal to the Tax Tribunal.
 The Upper Tribunal hears appeals against decisions of the First Tier Tribunal. (2 marks)

3 Kate sold a flat in November 2023, realising a gain of £25,500. The flat had always been rented
out to tenants and was the only chargeable asset that Kate owned. Kate had taxable income of
£31,500 in the tax year 2023/24. She made a gross gift aid donation of £800 in December 2023.
What is Kate’s capital gains tax liability for the tax year 2023/24?
 £4,840
 £6,440
 £3,200
 £4,760 (2 marks)

4 Melton plc prepared accounts for the 12-month period to 31 July 2023. There will not be a
compliance check into this accounting period.
Complete the following sentence about the retention of records for Melton plc by matching the
date of retention and the maximum penalty into the relevant target area.

Melton plc will be liable for a penalty of up to (1) ▼ if it does not retain its records

until (2) ▼ .

Pull down list 1

• £1,000
• £3,000

Pull down list 2

• 31 July 2025
• 31 July 2029
(2 marks)

Questions 479
5 Nicola bought a residential property on 6 April 2023. She let it out immediately at an annual rent
of £2,000 per month, all of which was received in the tax year 2023/24.
Nicola had bought the property using an interest-only mortgage. The interest paid in the tax year
2023/24 was £9,500. She paid £2,400 in the year to a managing agent.
For many years, Nicola’s only income has been employment income of £60,000.
What is Nicola’s additional income tax liability in respect of her property business income in the
tax year 2023/24?
 £8,640
 £7,700
 £6,740
 £4,840 (2 marks)

6 Shona had always been resident in the UK before the tax year 2023/24.
She spent more than 90 days in the UK in every tax year up to 2023/24.
Shona’s only relative is her father who is UK resident in 2023/24.
Shona owns a house in the UK which is available to her for the whole of 2023/24. On 6 April 2023,
Shona bought an overseas house where she spent 260 days during 2023/24. She lived in her UK
house for the remaining 105 days. Shona is neither employed nor self-employed.
How many ties does Shona have with the UK for the tax year 2023/24 for the purposes of the
sufficient ties test for UK residence?

Pull down list

• Four
• One
• Three
• Two
(2 marks)

7 Ronald is self-employed.
He purchased a house and lived in it for two years. The house was then unoccupied for five years
because Ronald went to work outside the UK. He then lived in the house for three years. Ronald
then went to live with his mother and the house was unoccupied for six and a half years. Finally,
Ronald lived in the house for the last six months of his ownership.
How many months of Ronald’s 17-year period of ownership of the house will be exempt for the
purposes of private residence relief?
 66 months
 150 months
 153 months
 165 months
(2 marks)

480 Taxation (TX – UK) FA2023

8 Charlotte’s tax payable for the tax years 2022/23 and 2023/24 is as follows:

2022/23 2023/24

QUESTIONS
£ £
Income tax on trading income 9,000 10,600
Class 2 NIC 164 179
Class 4 NIC 1,350 1,800
Capital gains tax 1,750 4,970

Charlotte made the appropriate payments on account on 31 January 2024 and 31 July 2024.
What is the amount payable due on 31 January 2025 in respect of the tax year 2023/24?
 £2,050
 £7,199
 £7,020
 £5,285 (2 marks)

9 On 1 December 2024, Devonte was issued by HM Revenue & Customs (HMRC) with a notice to file
his tax return for the tax year 2023/24. Devonte submitted his return online on 20 February 2025.
HMRC wishes to conduct a compliance check into this return.
Complete the following sentence about the submission of the online return and the date by which
HMRC will have to notify Devonte of a compliance check into the return by matching the date of
submission of the tax return and the date of notification of the compliance check into the relevant
target area.

The due date for the submission of the return was ▼ and HMRC must notify

Devonte by ▼ of a compliance check into the return.

Pull down list

• 20 February 2026
• 28 February 2025
• 28 February 2026
• 30 April 2025
• 31 January 2025
• 31 January 2026
(2 marks)

10 Caster plc sold the whole of its 4% shareholding in Antics Ltd on 15 November 2023. Caster plc
had purchased 10,000 shares in Antics Ltd on 16 July 2010 for £20,000. There was a 1 for 2 rights
issue at £2.50 per share in December 2017 and Caster plc took up all its rights.
The indexation factor between July 2010 and December 2017 was 0.190.
What is the indexed cost of the shares sold in November 2023?

£ (2 marks)

Questions 481
11 On 12 August 2019, Patience made a gross chargeable transfer (after all exemptions) of £175,000.
On 24 November 2023, she gave £180,000 to a trust.
Patience agreed to pay any lifetime inheritance tax (IHT) due.
How much IHT will be payable by Patience on the November 2023 transfer of value?
 £6,000
 £4,800
 £7,500
 £4,500 (2 marks)

12 Alberto died on 3 September 2023. His only asset was his main residence valued at £525,000
which he left to his daughter. Alberto had made a potentially exempt transfer (after all
exemptions) of £40,000 in July 2021. He had been divorced for several years.
What is the inheritance tax (IHT) liability on Alberto’s death estate?
 £26,000
 £10,000
 £96,000
 £0 (2 marks)

13 Rebecca started trading on 1 January 2022 and her taxable turnover for the first 12 months of
trading was £5,500 a month.
For the first seven months of 2023 her taxable turnover was as follows:

£
January 2023 8,100
February 2023 8,300
March 2023 8,400
April 2023 9,200
May 2023 9,500
June 2023 10,300
July 2023 10,600

What was the date by which Rebecca must have notified HM Revenue & Customs (HMRC) that
she was liable to be registered for value added tax (VAT)?

Pull down list

• 30 August 2023
• 30 July 2023
• 30 June 2023
• 30 September 2023
(2 marks)

482 Taxation (TX – UK) FA2023

14 Which TWO of the following are required for a full value added tax (VAT) invoice to be valid?
 Customer’s VAT registration number

QUESTIONS
 Supplier’s email address
 Date of invoice
 Total invoice price excluding VAT (2 marks)

15 Wogan Ltd started trading on 1 April 2022 and made a trading loss of £700,000 in the year ended
31 March 2023. It had no other income or gains in the accounting period and made no qualifying
charitable donations.
In the year ended 31 March 2024, Wogan Ltd had the following taxable total profits:

£
Trading profits 500,000
Chargeable gain 18,000
Total profits 518,000
Less: qualifying charitable donation (15,000)
Taxable total profits 503,000

Assuming that Wogan Ltd uses its trading loss in the most tax efficient manner, what is the
company’s unused trading loss carried forward at 1 April 2024?
 £197,000
 £200,000
 £215,000
 £182,000 (2 marks)

Questions 483
Section B
ALL 15 questions are compulsory and MUST be attempted.

Avery and Baylor (September/December 2022)

The following scenario relates to Questions 16 to 20.
Avery and Baylor are a married couple.
Avery
Avery disposed of various assets during the tax year 2023/24, with these disposals resulting in
chargeable gains of £98,600 qualifying for business asset disposal relief and other chargeable
gains of £76,800. None of the gains are in respect of disposals of residential property.
Avery is an additional rate taxpayer and has unused capital losses of £24,400 brought forward
from the tax year 2019/20.
Investment property
On 19 July 2023, Baylor transferred an investment property to Avery. On that date, the property
was valued at £340,000.
Baylor’s mother had originally purchased the property on 25 August 2009 for £156,000. Baylor’s
mother died on 6 October 2018 and the property was inherited by Baylor. On that date, the
property was valued at £213,000. Baylor added a basement extension to the property during
March 2020 at a cost of £51,000.
Ordinary shares in Sala plc
On 18 August 2023, Baylor sold her entire shareholding of £1 ordinary shares in Sala plc. Prior to
the disposal, she had the following transactions in the ordinary shares of Sala plc:

Cost/(proceeds)
£
12 April 2013 Purchased 38,000 shares 98,000
23 October 2016 Sold 6,000 shares (19,200)
1 November 2016 Purchased 8,000 shares 24,800

Ordinary shares in Alas Ltd

On 11 November 2023, Baylor sold her entire holding of £1 ordinary shares in Alas Ltd, an
unquoted trading company, to her son for £180,000. The market value of the shares on that date
was £220,000. The shares had been purchased on 1 August 2009 for £55,000. Baylor’s son sold
the entire shareholding on 28 March 2024 for £210,000.
An election will be made to hold over as much as possible of the gain as a gift of a business asset.

16 What is Avery’s capital gains tax liability for the tax year 2023/24 assuming that this is
calculated on the most favourable basis?
 £20,340
 £19,140
 £29,000
 £22,180 (2 marks)

17 What is Avery’s base cost for the investment property which was transferred from Baylor on
19 July 2023?
 £340,000
 £264,000

484 Taxation (TX – UK) FA2023

  £207,000
 £213,000 (2 marks)

QUESTIONS
18 What cost figure will have been used by Baylor when calculating the chargeable gain on
her disposal of ordinary shares in Sala plc on 18 August 2023?
 £104,400
 £108,000
 £107,478
 £105,000 (2 marks)

19 How much of the gain arising on Baylor’s sale of the ordinary shares in Alas Ltd to her son
can be held over by making a gift holdover relief claim?
 £40,000
 £165,000
 £125,000
 £30,000 (2 marks)

20 By what date will an election have to be made in order to hold over Baylor’s gain on the
sale of the ordinary shares in Alas Ltd to her son, and who must make the claim?

Date Claimant
 By 5 April 2028 Either Baylor or her son
 By 31 January 2025 Baylor and her son
 By 5 April 2028 Baylor and her son
 By 31 January 2025 Either Baylor or her son

(2 marks)

(Total = 10 marks)

Diggory Ltd
The following scenario relates to Questions 21 to 25.
Diggory Ltd is a manufacturing company which owns 78% of another manufacturing company,
Chang Ltd. Both companies have been registered for value added tax (VAT) for many years. The
companies do not currently have a group registration. Both only make standard-rated supplies.
The following information is available in respect of Diggory Ltd’s value added tax (VAT) for the
quarter ended 31 December 2023:
(1) Output VAT of £36,500 has been charged in respect of sales. This figure includes output VAT
of £700 where an invoice was issued on 2 January 2024 for goods supplied on 29 December
2023 and output VAT of £500 where an invoice was issued on 24 December 2023 for goods
supplied on 5 January 2024.

Questions 485
(2) In addition to the above, Diggory Ltd also charged output VAT of £460 on sales to Chang Ltd.
(3) Input VAT included the following:

£
Entertaining UK customers 210
Entertaining overseas customers 330
Redecorating a room in the managing director’s house 500
Building a wall around Diggory Ltd’s car park 2,300

In the quarter to 31 March 2024, Diggory Ltd supplied goods to a customer in another country
which operates a valued added tax on certain goods. The goods had a VAT-exclusive price of
£1,200. The rate of VAT in the other country on the goods supplied is 15%.
Diggory Ltd has evidence of the export in the form required by HM Revenue and Customs.
Diggory Ltd is considering expanding its business. It will either acquire part of the business of a
sole trader, John, or will acquire 100% of the shares in Downs Ltd. Both John and Downs Ltd are
registered for VAT. Downs Ltd makes largely zero-rated supplies.
If Diggory Ltd acquires part of the business of John, this will satisfy the requirements to be a
transfer of a going concern. John will continue to run the remainder of his business. Diggory Ltd is
considering entering into a group registration.

21 What is the amount of output VAT should be charged on the sales in (1) and (2) for the
quarter to 31 December 2023?
 £36,960
 £36,260
 £35,300
 £35,760 (2 marks)

22 What is the amount of input VAT recoverable on the expenses in (3) for the quarter to 31
December 2023?
 £2,300
 £330
 £2,630
 £3,130 (2 marks)

23 What is the amount of VAT that Diggory Ltd will charge on the sale of the goods to the
customer in another country?
 £180
 £0
 £240
 £200 (2 marks)

24 Which TWO of the following statements about Diggory Ltd’s acquisition of part of the
business of John as a transfer of a going concern are correct?
 Diggory Ltd will automatically be liable for any outstanding VAT penalties incurred by
John in respect of the part of the business acquired.
 The acquisition of the part of the business of John is outside the scope of VAT.

486 Taxation (TX – UK) FA2023

  If the VAT chargeable on the acquisition is less than £1,000 it need not be paid.
 John will not need to register again for VAT. (2 marks)

QUESTIONS
25 Which TWO of the following statements about Diggory Ltd group’s possible VAT group
registration are correct?
 The Diggory Ltd group must appoint one of the group companies to be a representative
member which is solely liable for paying the group VAT liability.
 Downs Ltd should not be included in the group registration because it is largely making
zero-rated supplies.
 Supplies of services by Diggory Ltd to Chang Ltd will be disregarded for VAT purposes if
they are both within the group registration.
 Each of the companies in the Diggory Ltd group will have to make separate VAT returns.
(2 marks)

(Total = 10 marks)

Christophe
The following scenario relates to Questions 26 to 30.
You should assume that the current date is 22 April 2024.
On 10 December 2020, Christophe was appointed as a director of an investment company,
Custard Ltd, and he acquired a 3% shareholding of the company at a cost of £10 per share. On 5
April 2023, he acquired a further 48% shareholding in Custard Ltd at a cost of £80 per share.
Due to unexpected ill-health, Christophe wished to reduce his involvement in Custard Ltd and on 1
April 2024, he resigned his directorship and gave a 49% shareholding in Custard Ltd to his son,
Dexter. The values of the shares on 1 April 2024 were as follows:

Shareholding Value per share

% £
51–75 120
26–50 90
1–25 30

Custard Ltd has always had 10,000 shares in issue. Christophe has no other chargeable assets.
Christophe has been told by a friend that he ought to have waited until 6 April 2024 to make the
gift of the Custard Ltd shares to Dexter as this would have been beneficial for capital gains tax
(CGT). If Christophe had delayed the gift until 6 April 2024, the values of the shares in Custard
Ltd would have been the same as on 1 April 2024.
Christophe is considering making regular payments of £250 to his granddaughter each month,
starting on 30 April 2024, to cover some of her living costs while she is at university. He will not
make any other gifts in the tax year 2024/25. You have advised Christophe that the gifts to his
granddaughter will be exempt from inheritance tax (IHT).
The following information is available about the income and expenses of Christophe:

Tax year Gross income Expenses

£ £
2023/24 60,000 25,000
2024/25 20,000 18,000

Questions 487
Christophe was married to Leah for many years. Leah died in March 2009 and in her will she left
her estate of £250,000 to Christophe. The IHT nil rate band in 2008/09 was £312,000. Leah had
made a potentially exempt transfer of £20,000 (after all exemptions) to her sister in August 2005.
Assume the tax rates and allowances in 2023/24 also apply in future years.

26 What is the IHT transfer of value made by Christophe on 1 April 2024?

£ (2 marks)

27 What is Christophe’s gain chargeable to CGT on 1 April 2024?

 £216,176
 £56,000
 £70,000
 £69,176 (2 marks)

28 Which TWO of the following statements about the CGT advantages of Christophe delaying
his gift until 6 April 2024 are correct?
 He would have been able to set the annual exempt amounts for both 2023/24 and
2024/25 against the chargeable gain.
 Payment of the CGT liability would have been postponed for 12 months.
 He would have been chargeable to CGT at 10% instead of 20% on some of the taxable
gain.
 He would have been entitled to business asset disposal relief on the disposal. (2 marks)

29 Which of the following IHT exemptions applies to the gifts made by Christophe to his
granddaughter?
 Normal expenditure out of income exemption
 Small gifts exemption
 Annual exemption 2024/25
 Annual exemption 2023/24 (2 marks)

30 What amount of Leah’s unused nil rate band can Christophe’s personal representatives
claim to reduce the IHT payable on his death?
 £260,417
 £292,000
 £304,167
 £308,333 (2 marks)

(Total = 10 marks)

488 Taxation (TX – UK) FA2023

 Section C

QUESTIONS
ALL three questions are compulsory and MUST be attempted.

31 Kazuo (March/June 2023)

This scenario relates to five requirements.
You should assume that today’s date is 25 March 2023 and the tax rates and allowances for the
tax year 2023/24 apply throughout.
Kazuo is currently employed at a gross annual salary of £200,000. Kazuo will continue to earn the
same salary until he retires on 5 April 2027, at which point his income will reduce to gross annual
pension income of £55,000. This means that Kazuo is currently an additional rate taxpayer, but
will only be a higher rate taxpayer from when he retires on 5 April 2027.
Kazuo will undertake £40,000 of work on a freelance basis during the year ended 5 April 2024. To
carry out this work, Kazuo will form a new limited company, Zaoku Ltd, of which he will be an
employee. This freelance work will not involve any expenditure and will last for just one year, from
6 April 2023 to 5 April 2024. Zaoku Ltd will prepare accounts for the year ended 5 April 2024.
Kazuo is looking at three alternative ways of extracting the profits of Zaoku Ltd:
Alternative 1
After allowing for corporation tax, Kazuo will withdraw the entire net of tax profits as dividends
during the tax year 2023/24.
Alternative 2
Zaoku Ltd will pay Kazuo gross directors’ remuneration of £8,000 and Zaoku Ltd will make a
pension contribution of £32,000 into a company occupational pension scheme on Kazuo’s behalf
during the tax year 2023/24. Kazuo has sufficient unused pension annual allowances so that a
pension contribution of this amount will not result in an annual allowance charge.
Alternative 3
Kazuo will not withdraw any amounts during the tax year 2023/24. Instead, the net of tax profits
will be left undrawn in Zaoku Ltd until the tax year 2027/28 when Kazuo has retired. He will then
withdraw the entire net of tax amount as dividends in the tax year 2027/28.
Kazuo does not have any other income.
Required
(a) Assuming that Kazuo withdraws the entire net of tax profits of Zaoku Ltd as dividends
(Alternative 1) during the tax year 2023/24:
(i) Calculate the corporation tax liability of Zaoku Ltd for the year ended 5 April 2024; and
(1 mark)

(ii) Calculate the income tax payable by Kazuo in respect of his dividend income. (2 marks)

(b) Assuming that Zaoku Ltd will pay Kazuo gross directors’ remuneration of £8,000 and Zaoku
Ltd will make a pension contribution of £32,000 into a company occupational pension
scheme on Kazuo’s behalf (Alternative 2) during the tax year 2023/24:
(i) Explain the corporation tax, income tax and national insurance contributions (NICs)
implications of Alternative 2; and (3 marks)

(ii) Calculate the tax saving of Alternative 2 compared with Alternative 1 (entirely as
dividends).

Notes.
1 You are not expected to explain the tax implications of ultimately receiving a pension
from the pension scheme.
2 Zaoku Ltd is not entitled to the NICs annual employment allowance. (1 mark)

Questions 489
 (c) Calculate the tax saving in respect of Kazuo’s dividend income and Zaoku Ltd’s corporation
tax liability if Kazuo withdraws the entire net of tax profits of Zaoku Ltd as dividends during
the tax year 2027/28 (Alternative 3) when Kazuo has retired, rather than during the tax year
2023/24 (Alternative 1). (3 marks)

(Total = 10 marks)

32 Hannah and Gregor (March/June 2023 amended)

This scenario relates to three requirements.
Hannah
On 1 January 2024, Hannah commenced employment with Lomly Ltd.
The following information is available in respect of the tax year 2023/24:
Employment
On 1 January 2024, Hannah commenced employment with Lomly Ltd earning a gross annual
salary of £125,000. Lomly Ltd also provides Hannah with the following benefits:
Living accommodation
On 1 January 2024, Hannah moved into a property owned by Lomly Ltd which does not qualify as
job-related accommodation. The property has an annual value of £16,000. The property was
purchased by Lomly Ltd on 1 September 2021 for £250,000 and its market value on 1 January
2024 was £280,000.
Beneficial loan
Lomly Ltd provided Hannah with an interest-free loan of £60,000 on 1 January 2024. She has
repaid £2,500 at the end of each month starting on 31 January 2024. The taxable benefit in
respect of this loan is calculated using the average method.
Travel and expenses
During the period 1 January to 5 April 2024, Hannah used her private car to travel 6,000 business
miles. She was reimbursed by Lomly Ltd at a rate of 50 pence per mile.
Hannah also paid £450 out of her own bank account for hotel rooms which she stayed in during
business trips. Lomly Ltd reimbursed her for these expenses on 20 March 2024.
Gregor
Gregor has been self-employed since 6 April 2006. He has the following income and chargeable
gains for the tax years 2022/23 and 2023/24:

2022/23 2023/24
£ £
Trading profit/(loss) 14,700 (68,800)
Property business profit/(loss) 4,600 (2,300)
Building society interest (gross) 1,300 900
Chargeable gain/(loss) (2,900) 17,400

Required
(a) Calculate the employment income of Hannah for the tax year 2023/24.
Note. You should indicate by the use of zero (0) any items which are not taxable or
deductible. (8 marks)

490 Taxation (TX – UK) FA2023

 (b) Explain how the tax treatment of the property provided to Hannah would differ if it qualified
as job-related accommodation. (1 mark)

QUESTIONS
(c) On the assumption that Gregor relieves his trading loss of £68,800 as early as possible,
calculate the amount of trading loss carried forward to the tax year 2024/25. You should
assume that tax allowances for the tax year 2023/24 apply throughout. (6 marks)

(Total = 15 marks)

33 Venus Ltd (March/June 2023)

This scenario relates to one requirement.
Venus Ltd’s summarised statement of profit or loss for the year ended 31 March 2024 is as follows:

Note £
Gross profit 521,750
Operating expenses
Depreciation (32,046)
Amortisation of leasehold property 1 (4,000)
Other expenses 2 (285,012)
Operating profit 200,692

Income from investments

Bank interest received 3 18,050
Dividends received 4 34,000
Profit on disposal of shares 5 70,300
Profit before taxation 323,042

Notes.
1 Leasehold property
On 1 October 2023, Venus Ltd acquired a leasehold office building for use by the business,
paying a premium of £96,000 for the grant of a 12-year lease.
2 Other expenses
Other expenses include the following:

£
Entertaining UK customers 3,600
Gifts to customers (food hampers costing £30 each) 2,730
Qualifying charitable donations 1,410

3 Bank interest received

The bank interest received during the year ended 31 March 2024 of £18,050 relates to deposits
held for non-trading purposes. In addition, on 10 April 2024, £350 of non-trading loan interest
was received in relation to the year ended 31 March 2024.

Questions 491
4 Dividends received
During the year ended 31 March 2024, Venus Ltd received dividends of £34,000 from Mars Ltd,
an 80% UK subsidiary company.
5 Profit on disposal of shares
The profit on disposal of shares is in respect of a 2% shareholding that was sold on 18 January
2024. The disposal resulted in a chargeable gain of £62,880 after taking account of the
indexation allowance.
6 Plant and machinery
On 1 April 2023, the tax written down values of plant and machinery were as follows:

£
Main pool 8,400
Special rate pool 12,740

The following purchases took place during the year ended 31 March 2024:

Date Description CO2 emissions £

10 August 2023 Car (1) 115 22,930
16 November 2023 New delivery van 120 20,800
18 November 2023 Equipment (second hand) N/A 52,112
12 February 2024 Car (2) 40 26,470

On 15 March 2024, Venus Ltd sold car (1) that had been purchased on 10 August 2023 for
£16,750.
7 Group relief
For the year ended 31 March 2024, Mars Ltd (the 80% UK subsidiary company – see note 4)
made a trading loss of £7,635. Venus Ltd has made a group relief claim, for the year ended 31
March 2024, in respect of this loss.
Required
Calculate Venus Ltd’s corporation tax liability for the year ended 31 March 2024.

Notes.
1 Your computation should commence with the operating profit figure of £200,692 indicating by
the use of zero (0) any items which do not require adjustment.
2 You should assume that the full annual investment allowance is available to Venus Ltd.
(Total = 15 marks)

492 Taxation (TX – UK) FA2023