G10 Taxationa and Trusts

[PJ2005]

Firstly, are any of the forum readers taking or have taken the above exam? If so, any tips to better my chances??

Also, reading about Taxation within a Discretionary Trust (Income)....one of my books states that expenses (grossed up) can be deducted from Gross Income - in another book it says the same but then also deducts basic rate tax from the Grossed up Expense. eg

Gross Savings Income - £2000
Expeses £80 / 0.8 = £100 Gross

Net income for tax - £1900
£500 * 20% = £100
£1400 * 40% = £560

£100 * 20% = £20

NET = £1,220

Less Tax deducted at source - £400

NET = £820

Is this right? Tried looking on the net but the new rules for the 2005-6 tax year state that a DT has a personal allowance of £500 of income within BRT limits. This isn't on the websites......

[bob.fraser@towrylaw.]

Yes, did it a while ago (and passed!).
Best tip - do the continuous assessment programme. Most fails are "by a narrow margin" (within 10%)and successful completion of the CA gives a credit of 10%.