申请ACCA会员，需要满足哪些条件，一起来看看本文吧。

正确答案：
(c) (i) Variation of Ray’s will
The variation by Alvaro of Ray’s will, such that assets are left to Vito and Sophie, will not be regarded as a gift by Alvaro.
Instead, provided the deed states that it is intended to be effective for IHT purposes, it will be as if Ray had left the assets
to the children in his will.
This strategy, known as skipping a generation, will have no effect on the IHT due on Ray’s death but will reduce the
assets owned by Alvaro and thus his potential UK IHT liability. A deed of variation is more tax efficient than Alvaro
making gifts to the children as such gifts would be PETs and IHT may be due if Alvaro were to die within seven years.
The deed of variation must be entered into by 31 January 2009, i.e. within two years of the date of Ray’s death.

正确答案：
(c) Fiduciary responsibility
Definition of ‘fiduciary responsibility’
A fiduciary responsibility is a duty of trust and care towards one or more constituencies. It describes direction of accountability
in that one party has a fiduciary duty to another. In terms of the case, the question refers to whose interests the directors of
the football club should act in. Traditionally, the fiduciary duty of directors in public companies is to act in the economic
interests of shareholders who invest in the company but are unable to manage the company directly. The case raises a number
of issues concerning broadening the fiduciary duties of the directors of the football club with regard to the building of the new
stadium, to other stakeholder groups.
The case for extending fiduciary responsibility
Although the primary fiduciary duty of directors in large public companies will be to shareholders, directors in businesses such
as the football club described in the case may have good reason to broaden their views on fiduciary responsibility. This would
involve taking into account, and acting in the interests of, the local wildlife centre, the residents, the school, the local
government authority and the fans. The stakeholders in the case are not in agreement on the outcome for the new stadium
and the club will need to privilege some stakeholders over others, which is a common situation whenever a proposal involving
multiple impacts is considered. The specific arguments for broadening the fiduciary duties in this case include the following:
Such an acceptance of claims made on the football club would clearly demonstrate that the club values the community of
which it considers itself a part.
It would help to maintain and manage its local reputation, which is important in progressing the stadium project.
To broaden the fiduciary responsibility in this case would be to an important part of the risk management strategy, especially
with regard to risks that could arise from the actions of local stakeholders.
It could be argued that there is a moral case for all organisations to include other stakeholders’ claims in their strategies as it
enfranchises and captures the views of those affected by an organisation’s policies and actions.

正确答案：

 

Aral Ltd owned by Banda
The losses would have to be carried forward and deducted from the trading profits of the year ending 30 June 2010.
Aral Ltd cannot offset the loss in the current period or carry it back as it has no other income or gains.
Aral Ltd owned by Flores Ltd
The two companies will form. a group relief group if Flores Ltd owns at least 75% of the ordinary share capital of Aral
Ltd. The trading losses could be surrendered to Flores Ltd in the year ending 30 June 2008 and the year ending
30 June 2009. The total tax saved would be ￡11,079 ((￡38,696 + ￡19,616) x 19%)
Recommended structure
The Aral business should be established in a company owned by Flores Ltd.
This will maximise the relief available in respect of the trading losses and enable relief to be obtained in the period in
which the losses are incurred.
Tutorial note
The whole of the loss for the period ending 30 June 2008 can be surrendered to Flores Ltd as it is less than that
company’s profit for the corresponding period, i.e. ￡60,000 (￡120,000 x 6/12).