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正确答案：
(b) Benefit – accommodation
If Jan accepts the offer, he will occupy the building for a period of eight months in the tax year 2005/06 (from 6 August 2005
– 5 April 2006). The benefit will last for six months.
The taxable benefit is the higher of:
(i) The rent borne by the company                                                      = 600 x 6 = 3,600
(ii) The annual (rateable) value                                                            = 6,000 x 6/12 = 3,000
i.e. ￡3,600.
In addition, as the property costs in excess of ￡75,000, an additional benefit arises. The excess is subject to the official rate
of interest, and is calculated as follows:
(155,000 – 75,000) x 5% = 4,000 x 6/12                                         = 2,000
Total taxable benefit is ￡3,600 + ￡2,000 = ￡5,600.
Tutorial note: strictly speaking the additional charge does not apply if the expensive property is rented rather than owned –
therefore the above answer, whilst the most commonly given is not technically correct. One mark was awarded if the
additional benefit calculation was performed as shown above and an alternative one mark was awarded if the additional
benefit was not calculated for the correct technical reason.

正确答案：
(b) The contributions payable by Savage to the trustees will not count as an asset for the purposes of the valuation of the fund.
IAS19 (paragraph 103) states that plan assets should not include unpaid contributions due from the reporting entity to the
fund. Thus in the financial statements of Savage the contributions would be shown as an amount payable to the trustees
and there may be legal repercussions if the amount is not paid within a short period of time. Following the introduction of
changes to a defined benefit plan, a company should recognise immediately past service costs where the benefit has vested.
In the case where the benefits have not vested then the past service costs will be recognised as an expense over the averageperiod until the benefits vest. The company will therefore recognise $125 million at 1 November 2004.

正确答案：
(b) Related matters
(i) National insurance contributions in 2007/08
The profit for the period ending 31 March 2008 is expected to be ￡1,200 (￡400 x 3).
No class 2 contributions will be due as the profit is less than the small earnings exception limit of ￡4,465.
No class 4 contributions will be due as the profit is less than the lower profits limit of ￡5,035.
Tutorial note
Adam will have paid class 1 contributions in respect of his earnings from Rheims Ltd, thus preserving his entitlement
to state benefits and pension, and therefore there is no disadvantage in claiming the small earnings exemption from
class 2 contributions.
(ii) Purchase and renovation of the theatre
The theatre is a capital purchase that does not qualify for capital allowances as it is a building but not an industrial
building. Accordingly, the cost of purchasing the theatre will not give rise to a tax deduction for the purpose of computing
AS’s taxable trading income.
The tax treatment of the renovation costs may be summarised as follows:
– The costs will be disallowed if the renovations are necessary before the theatre can be used for business purposes.
This is because they will be regarded as further capital costs of acquiring appropriate premises.
– Some of the costs may be allowable if the condition of the theatre is such that it can be used in its present state
and the renovations are more in the nature of cosmetic improvements.
(iii) VAT position
The grant of a right to occupy the theatre in exchange for rent is an exempt supply. Accordingly, as all of AS’s activities
will be regarded as one for VAT purposes, AS will become partially exempt once he begins to rent out the theatre.
AS will be able to recover the input tax that is directly attributable to his standard rated supplies, i.e. those in connection
with the supply of children’s parties. He will also be able to recover a proportion of the input tax on his overheads; the
proportion being that of his total supplies that are standard rated.
The remainder of his input tax will only be recoverable if it is no more than ￡625 per month on average and no more
than 50% of his total input tax.
If AS were to opt to tax the theatre, the right to occupy the theatre in exchange for rent would then be a standard rated
supply. AS could then recover all of his input tax, regardless of the amount attributable to the rent, but would have to
charge VAT on the rent and on any future sale of the building.
The decision as to whether or not to opt to tax the theatre will depend on:
– the amount of input tax at stake; and
– whether or not those who rent the theatre are in a position to recover any VAT charged.

正确答案：
(ii) The use of its own tree plantations as a source of raw materials not only ensures available supplies of timber but may
also demonstrate that the directors of Our Timbers Ltd are mindful of the need for careful planning in the consumption
of natural resources. This concern with the need to protect the environment will enhance the reputation of Our Timbers
Ltd as an environmentally-conscious organisation which in turn may translate into a source of competitive advantage
since contemporary thought is very much focused on the environmental responsibilities of organisations with particular
regard to the use of natural resources such as timber.