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(ii) State, giving reasons, the tax reliefs in relation to inheritance tax (IHT) and capital gains tax (CGT) which
would be available to Alasdair if he acquires the warehouse and leases it to Gallus & Co, rather than to
an unconnected tenant. (4 marks)
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更多 “ (ii) State, giving reasons, the tax reliefs in relation to inheritance tax (IHT) and capital gains tax (CGT) whichwould be available to Alasdair if he acquires the warehouse and leases it to Gallus Co, rather than toan unconnected tenant. (4 marks) ” 相关考题
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3 The ‘person specification’ is derived from the job description.Required:(a) Explain what is meant by the terms:(i) ‘person specification’; (4 marks)
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(b) Explain the meaning of the term ‘Efficient Market Hypothesis’ and discuss the implications for a company ifthe stock market on which it is listed has been found to be semi-strong form. efficient. (9 marks)
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(iii) Tyre has entered into two new long lease property agreements for two major retail outlets. Annual rentals are paidunder these agreements. Tyre has had to pay a premium to enter into these agreements because of the outlets’location. Tyre feels that the premiums paid are justifiable because of the increase in revenue that will occurbecause of the outlets’ location. Tyre has analysed the leases and has decided that one is a finance lease andone is an operating lease but the company is unsure as to how to treat this premium. (5 marks)Required:Advise the directors of Tyre on how to treat the above items in the financial statements for the year ended31 May 2006.(The mark allocation is shown against each of the above items)
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4 Whilst acknowledging the importance of high quality corporate reporting, the recommendations to improve it aresometimes questioned on the basis that the marketplace for capital can determine the nature and quality of corporatereporting. It could be argued that additional accounting and disclosure standards would only distort a marketmechanism that already works well and would add costs to the reporting mechanism, with no apparent benefit. Itcould be said that accounting standards create costly, inefficient, and unnecessary regulation. It could be argued thatincreased disclosure reduces risks and offers a degree of protection to users. However, increased disclosure has severalcosts to the preparer of financial statements.Required:(a) Explain why accounting standards are needed to help the market mechanism work effectively for the benefitof preparers and users of corporate reports. (9 marks)
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(b) (i) Advise Andrew of the income tax (IT) and capital gains tax (CGT) reliefs available on his investment inthe ordinary share capital of Scalar Limited, together with any conditions which need to be satisfied.Your answer should clearly identify any steps that should be taken by Andrew and the other investorsto obtain the maximum relief. (13 marks)
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(ii) State, with reasons, whether Messier Ltd can provide Galileo with accommodation in the UK withoutgiving rise to a UK income tax liability. (2 marks)
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In relation to company law, explain:(a) the limitations on the use of company names; (4 marks)(b) the tort of ‘passing off’; (4 marks)(c) the role of the company names adjudicators under the Companies Act 2006. (2 marks)
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(a) The following information relates to Crosswire a publicly listed company.Summarised statements of financial position as at:The following information is available:(i) During the year to 30 September 2009, Crosswire embarked on a replacement and expansion programme for its non-current assets. The details of this programme are:On 1 October 2008 Crosswire acquired a platinum mine at a cost of $5 million. A condition of mining theplatinum is a requirement to landscape the mining site at the end of its estimated life of ten years. Thepresent value of this cost at the date of the purchase was calculated at $3 million (in addition to thepurchase price of the mine of $5 million).Also on 1 October 2008 Crosswire revalued its freehold land for the first time. The credit in the revaluationreserve is the net amount of the revaluation after a transfer to deferred tax on the gain. The tax rate applicable to Crosswire for deferred tax is 20% per annum.On 1 April 2009 Crosswire took out a finance lease for some new plant. The fair value of the plant was$10 million. The lease agreement provided for an initial payment on 1 April 2009 of $2·4 million followedby eight six-monthly payments of $1·2 million commencing 30 September 2009.Plant disposed of during the year had a carrying amount of $500,000 and was sold for $1·2 million. Theremaining movement on the property, plant and equipment, after charging depreciation of $3 million, wasthe cost of replacing plant.(ii) From 1 October 2008 to 31 March 2009 a further $500,000 was spent completing the developmentproject at which date marketing and production started. The sales of the new product proved disappointingand on 30 September 2009 the development costs were written down to $1 million via an impairmentcharge.(iii) During the year ended 30 September 2009, $4 million of the 10% convertible loan notes matured. Theloan note holders had the option of redemption at par in cash or to exchange them for equity shares on thebasis of 20 new shares for each $100 of loan notes. 75% of the loan-note holders chose the equity option.Ignore any effect of this on the other equity reserve.All the above items have been treated correctly according to International Financial Reporting Standards.(iv) The finance costs are made up of:Required:(i) Prepare a statement of the movements in the carrying amount of Crosswire’s non-current assets for theyear ended 30 September 2009; (9 marks)(ii) Calculate the amounts that would appear under the headings of ‘cash flows from investing activities’and ‘cash flows from financing activities’ in the statement of cash flows for Crosswire for the year ended30 September 2009.Note: Crosswire includes finance costs paid as a financing activity. (8 marks)(b) A substantial shareholder has written to the directors of Crosswire expressing particular concern over thedeterioration of the company’s return on capital employed (ROCE)Required:Calculate Crosswire’s ROCE for the two years ended 30 September 2008 and 2009 and comment on theapparent cause of its deterioration.Note: ROCE should be taken as profit before interest on long-term borrowings and tax as a percentage of equity plus loan notes and finance lease obligations (at the year end). (8 marks)
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