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(iii) Amy’s UK income tax position
Amy will remain UK resident and ordinarily resident as she is not leaving the UK permanently or for a complete tax year
under a full time contract of employment. Accordingly, she will continue to be subject to UK tax on her worldwide income
including her earnings in respect of the duties she performs for Cutlass Inc. The earnings from these duties will also be
taxable in Sharpenia as the income arises in that country.
The double tax treaty between the UK and Sharpenia will either exempt the employment income in one of the two
countries or give double tax relief for the tax paid in Sharpenia. The double tax relief will be the lower of the UK tax and
the Sharpenian tax on the income from Cutlass Inc.
Amy will not be subject to UK income tax on the expenses borne by Cutlass Inc in respect of her flights to and from
Sharpenia provided her journeys are wholly and exclusively for the purposes of performing her duties in Sharpenia.
The amounts paid by Cutlass Inc in respect of Amy’s family travelling to Sharpenia will be subject to UK income tax as
Amy will not be absent from the UK for a continuous period of at least 60 days.

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(ii) Equipment used in the manufacture of Bachas Blue
Tutorial note: In the context of GVF, the principal issue to be addressed is whether or not the impairment loss previously
recognised should be reversed (by considering the determination of value in use). Marks will also be awarded for
consideration of depreciation, additions etc made specific to this equipment.
■ Agree cost less accumulated depreciation and impairment losses at the beginning of the year to prior year working
papers (and/or last year’s published financial statements).
■ Recalculate the current year depreciation charge based on the carrying amount (as reduced by the impairment
loss).
■ Calculate the carrying amount of the equipment as at 30 September 2005 without deduction of the impairment
loss.
Tutorial note: The equipment cannot be written back up to above this amount (IAS 36 ‘Impairment of Assets’).
■ Agree management’s schedule of future cash flows estimated to be attributable to the equipment for a period of up
to five years (unless a longer period can be justified) to approved budgets and forecasts.
■ Recalculate:
– on a sample basis, the make up of the cash flows included in the forecast;
– GVF’s weighted average cost of capital.
■ Review production records and sales orders for the year, as compared with the prior period, to confirm a ‘steady
increase’.
■ Compare sales volume at 30 September 2005 with the pre-‘scare’ level to assess how much of the previously
recognised impairment loss it would be prudent to write back (if any).
■ Scrutinize sales orders in the post balance sheet event period. Sales of such produce can be very volatile and
another ‘incident’ could have sales plummeting again – in which case the impairment loss should not be reversed.