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6 Alasdair, aged 42, is single. He is considering investing in property, as he has heard that this represents a good
investment. In order to raise the funds to buy the property, he wants to extract cash from his personal company, Beezer
Limited, whose year end is 31 December.
Beezer Limited was formed on 1 May 1998 with ￡1,000 of capital issued as 1,000 ￡1 ordinary shares, and traded
until 1 January 2005 when Alasdair sold the trade and related assets. The company’s only asset is cash of
￡120,000. Alasdair wants to extract this cash from the company with the minimum amount of tax payable. He is
considering either, paying himself a dividend of ￡120,000, on 31 March 2006, after which the company would have
no assets and be wound up or, leaving the cash in the company and then liquidating the company. Costs of liquidation
of ￡5,000 would then be incurred.
Since Beezer Limited ceased trading, Alasdair has been taken on as a partner at a marketing firm, Gallus & Co. He
estimates his profit share for the year of assessment 2005/06 will be ￡30,000. He has not made any capital disposals
in the current tax year.
Alasdair wishes to reinvest the cash extracted from Beezer Limited in property but is not sure whether he should invest
directly in residential or commercial property, or do so via some form. of collective investment. He is aware that Gallus
& Co are looking to rent a new warehouse which could be bought for ￡200,000. Alasdair thinks that he may be able
to buy the warehouse himself and lease it to his firm, but only if he can borrow the additional money to buy the
property.
Alasdair has a 25% shareholding in another company, Glaikit Limited, whose year end is 31 March. The remaining
shares in this company are held by his friend, Gill. Alasdair is considering borrowing ￡15,000 from Glaikit Limited
on 1 January 2006. He does not intend to pay any interest on the loan, which is likely to be written off some time
in 2007. Alasdair does not have any connection with Glaikit Limited other than his shareholding.
Required:
(a) Advise Alasdair whether or not a dividend payment will result in a higher after-tax cash sum than the
liquidation of Beezer Limited. Assume that either the dividend would be paid on 31 March 2006 or the
liquidation would take place on 31 March 2006. (9 marks)
Assume that Beezer Limited has always paid corporation tax at or above the small companies rate of 19%
and that the tax rates and allowances for 2004/05 apply throughout this part.
参考答案
更多 “ 6 Alasdair, aged 42, is single. He is considering investing in property, as he has heard that this represents a goodinvestment. In order to raise the funds to buy the property, he wants to extract cash from his personal company, BeezerLimited, whose year end is 31 December.Beezer Limited was formed on 1 May 1998 with ￡1,000 of capital issued as 1,000 ￡1 ordinary shares, and tradeduntil 1 January 2005 when Alasdair sold the trade and related assets. The company’s only asset is cash of￡120,000. Alasdair wants to extract this cash from the company with the minimum amount of tax payable. He isconsidering either, paying himself a dividend of ￡120,000, on 31 March 2006, after which the company would haveno assets and be wound up or, leaving the cash in the company and then liquidating the company. Costs of liquidationof ￡5,000 would then be incurred.Since Beezer Limited ceased trading, Alasdair has been taken on as a partner at a marketing firm, Gallus Co. Heestimates his profit share for the year of assessment 2005/06 will be ￡30,000. He has not made any capital disposalsin the current tax year.Alasdair wishes to reinvest the cash extracted from Beezer Limited in property but is not sure whether he should investdirectly in residential or commercial property, or do so via some form. of collective investment. He is aware that Gallus Co are looking to rent a new warehouse which could be bought for ￡200,000. Alasdair thinks that he may be ableto buy the warehouse himself and lease it to his firm, but only if he can borrow the additional money to buy theproperty.Alasdair has a 25% shareholding in another company, Glaikit Limited, whose year end is 31 March. The remainingshares in this company are held by his friend, Gill. Alasdair is considering borrowing ￡15,000 from Glaikit Limitedon 1 January 2006. He does not intend to pay any interest on the loan, which is likely to be written off some timein 2007. Alasdair does not have any connection with Glaikit Limited other than his shareholding.Required:(a) Advise Alasdair whether or not a dividend payment will result in a higher after-tax cash sum than theliquidation of Beezer Limited. Assume that either the dividend would be paid on 31 March 2006 or theliquidation would take place on 31 March 2006. (9 marks)Assume that Beezer Limited has always paid corporation tax at or above the small companies rate of 19%and that the tax rates and allowances for 2004/05 apply throughout this part. ” 相关考题
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23 ．A child has his pains because＿．A．he can not do whatever he wants toB．he is not allowed to play in rainC．he has a lot of new things to learnD. he can not play at the seaside freely
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For this part, assume today’s date is 15 August 2005.5 (a) Donald is aged 22, single, and about to finish his university education. He has plans to start up a business sellingcomputer games, and intends to start trading on 1 April 2006, making up accounts to 31 March annually.He believes that his business will generate cash (equal to taxable profits) of ￡47,500 in the first year. Heoriginally intended to operate as a sole trader, but he has recently discovered that as an alternative, he couldoperate through a company. He has been advised that if this is the case, he can take a maximum gross salaryof ￡42,648 out of the company.Required:(i) Advise Donald on the income tax (IT), national insurance (NIC) and corporation tax (CT) liabilities hewill incur for the year ended 31 March 2007 trading under each of the two alternative businessstructures (sole trade/company). Your advice should be supported by calculations of disposable incomefor both alternatives assuming that in the company case, he draws the maximum salary stated.(7 marks)
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(b) Donald actually decided to operate as a sole trader. The first year’s results of his business were not as he hadhoped, and he made a trading loss of ￡8,000 in the year to 31 March 2007. However, trading is now improving,and Donald has sufficient orders to ensure that the business will make profits of at least ￡30,000 in the year to31 March 2008.In order to raise funds to support his business over the last 15 months, Donald has sold a painting which wasgiven to him on the death of his grandmother in January 1998. The probate value of the painting was ￡3,200,and Donald sold it for ￡8,084 (after deduction of 6% commission costs) in November 2006.He also sold other assets in the year of assessment 2006/07, realising further chargeable gains of ￡8,775 (afterindexation of ￡249 and taper relief of ￡975).Required:(i) Calculate the chargeable gain on the disposal of the painting in November 2006. (4 marks)
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(b) (i) Advise Alasdair of the tax implications and relative financial risks attached to the following propertyinvestments:(1) buy to let residential property;(2) commercial property; and(3) shares in a property investment company/unit trust. (9 marks)
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(c) State the tax consequences for both Glaikit Limited and Alasdair if he borrows money from the company, asproposed, on 1 January 2006. (3 marks)
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4 Assume today’s date is 15 May 2005.In March 1999, Bob was made redundant from his job as a furniture salesman. He decided to travel round the world,and did so, returning to the UK in May 2001. Bob then decided to set up his own business selling furniture. Hestarted trading on 1 October 2001. After some initial success, the business made losses as Bob tried to win morecustomers. However, he was eventually successful, and the business subsequently made profits.The results for Bob’s business were as follows:Period Schedule D Case ITrading Profits/(losses)￡1 October 2001 – 30 April 2002 13,5001 May 2002 – 30 April 2003 (18,000)1 May 2003 – 30 April 2004 28,000Bob required funds to help start his business, so he raised money in three ways:(1) Bob is a keen cricket fan, and in the 1990s, he collected many books on cricket players. To raise money, Bobstarted selling books from his collection. These had risen considerably in value and sold for between ￡150 and￡300 per book. None of the books forms part of a set. Bob created an internet website to advertise the books.Bob has not declared this income, as he believes that the proceeds from selling the books are non-taxable.(2) He disposed of two paintings and an antique silver coffee set at auction on 1 December 2004, realisingchargeable gains totalling ￡23,720.(3) Bob took a part time job in a furniture store on 1 January 2003. His annual salary has remained at ￡12,600per year since he started this employment.Bob has 5,000 shares in Willis Ltd, an unquoted trading company based in the UK. He subscribed for these sharesin August 2000, paying ￡3 per share. On 1 December 2004, Bob received a letter informing him that the companyhad gone into receivership. As a result, his shares were almost worthless. The receivers dealing with the companyestimated that on the liquidation of the company, he would receive no more than 10p per share for his shareholding.He has not yet received any money.Required:(a) Write a letter to Bob advising him on whether or not he is correct in believing that his book sales are nontaxable.Your advice should include reference to the badges of trade and their application to this case.(9 marks)
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6 Assume today’s date is 16 April 2005.Henry, aged 48, is the managing director of Happy Home Ltd, an unquoted UK company specialising in interiordesign. He is wealthy in his own right and is married to Helen, who is 45 years old. They have two children – Stephen,who is 19, and Sally who is 17.As part of his salary, Henry was given 3,000 shares in Happy Home Ltd with an option to acquire a further 10,000shares. The options were granted on 15 July 2003, shortly after the company started trading, and were not part ofan approved share option scheme. The free shares were given to Henry on the same day.The exercise price of the share options was set at the then market value of ￡1·00 per share. The options are notcapable of being exercised after 10 years from the date of grant. The company has been successful, and the currentvalue of the shares is now ￡14·00 per share. Another shareholder has offered to buy the shares at their market value,so Henry exercised his share options on 14 April 2005 and will sell the shares next week, on 20 April 2005.With the company growing in size, Henry wishes to recruit high quality staff, but the company lacks the funds to paythem in cash. Henry believes that giving new employees the chance to buy shares in the company would help recruitstaff, as they could share in the growth in value of Happy Home Ltd. Henry has heard that there is a particular sharescheme that is suitable for small, fast growing companies. He would like to obtain further information on how sucha scheme would work.Henry has accumulated substantial assets over the years. The family house is owned jointly with Helen, and is worth￡650,000. Henry has a ￡250,000 mortgage on the house. In addition, Henry has liquid assets worth ￡340,000and Helen has shares in quoted companies currently worth ￡125,000. Henry has no forms of insurance, and believeshe should make sure that his wealth and family are protected. He is keen to find out what options he should beconsidering.Required:(a) (i) State how the gift of the 3,000 shares in Happy Home Ltd was taxed. (1 mark)
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6 Andrew is aged 38 and is single. He is employed as a consultant by Bestadvice Co and pays income tax at thehigher rate.Andrew is considering investing in a new business, and to provide funds for this investment he has recently disposedof the following assets:(1) A short leasehold interest in a residential property. Andrew originally paid ￡50,000 for a 47 year lease of theproperty in May 1995, and assigned the lease in May 2006 for ￡90,000.(2) His holding of ￡10,000 7% Government Stock, on which interest is payable half-yearly on 20 April and20 October. Andrew originally purchased this holding on 1 June 1999 for ￡9,980 and he sold it for ￡11,250on 14 March 2005.Andrew intends to subscribe for ordinary shares in a new company, Scalar Limited, which will be a UK basedmanufacturing company. Three investors (including Andrew) have been identified, but a fourth investor may also beinvited to subscribe for shares. The investors are all unconnected, and would subscribe for shares in equal measure.The intention is to raise ￡450,000 in this manner. The company will also raise a further ￡50,000 from the investorsin the form. of loans. Andrew has been told that he can take advantage of some tax reliefs on his investment in ScalarLimited, but does not know anything about the details of these reliefsAndrew’s employer, Bestadvice Co, is proposing to change the staff pension scheme from a defined benefit schemeto which the firm and the employees each contribute 6% of their annual salary, to a defined contribution scheme, towhich the employees will continue to contribute 6%, but the firm will contribute 8% of their annual salary. Themajority of Andrew’s colleagues are opposed to this move, but, given the increase in the firm’s contribution rateAndrew himself is less sure that the proposal is without merit.Required:(a) (i) Calculate the chargeable gain arising on the assignment of the residential property lease in May 2006.(2 marks)
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6 Sergio and Gerard each inherited a half interest in a property, ‘Hilltop’, in October 2005. ‘Hilltop’ had a probate valueof ￡124,000, but in November 2005 it was badly damaged by fire. In January 2006 the insurance company madea payment of ￡81,700 each to Sergio and Gerard. In February 2006 Sergio and Gerard each spent ￡55,500 of theinsurance proceeds on restoring the property. ‘Hilltop’ was worth ￡269,000 following the restoration work. In July2006, Sergio and Gerard sold ‘Hilltop’ for ￡310,000.Sergio is 69 years old and a widower with three adult children and seven grandchildren. His annual income consistsof a pension of ￡9,900 and interest of ￡300 on savings of ￡7,600 in a bank deposit account. Sergio owns his homebut no other significant assets. He plans to buy a domestic rental property with the proceeds from the sale of ‘Hilltop’,such that on his death he will have a significant asset which can be sold and divided between the members of hisfamily.Gerard is 34 years old. He is employed by Fizz plc on a salary of ￡66,500 per year together with a performancerelated bonus. Gerard estimates that he will receive a bonus in December 2007 of ￡4,500, in line with previousyears, and that his taxable benefits in the tax year 2007/08 will amount to ￡7,140. He also expects to receivedividends from UK companies of ￡1,935 and bank interest of ￡648 in the tax year 2007/08. Gerard intends to setup a personal pension plan in August 2007. He has not made any pension contributions in the past and proposes touse part of the proceeds from the sale of ‘Hilltop’ to make the maximum possible tax allowable contribution.Fizz plc has announced that it intends to replace the performance related bonus scheme with a share incentive plan,also linked to performance, with effect from 6 April 2008. Gerard estimates that Fizz plc will award him free sharesworth ￡2,100 each year. He will also purchase partnership shares worth ￡700 each year and, as a result, will beawarded matching shares (further free shares) worth ￡1,400.Required:(a) Calculate the chargeable gains arising on the receipt of the insurance proceeds in January 2006 and the saleof ‘Hilltop’ in July 2006. You should assume that any elections necessary to minimise the gain on the receiptof the insurance proceeds have been submitted. (4 marks)
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听力原文：M: Would you please tell me what I should do to have funds transferred to me here from London?W: The fastest way is by telegraphic transfer from your bank in London to us.Q: What does the man want to do?(20)A．He wants to withdraw some pounds.B．He wants to transfer some money to London.C．He wants to know how to transfer money from London to him.D．He wants to exchange some pounds for yen.
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thanks tobe inferior toout of the questionin one way or the otherto protect … from1.We’ve got to make our decision ________. 2.He raised his arm to _______ his face from the blow. 3.You can’t go to the wedding in that old shirt; it is quite _____. 4.He hasn’t made enough effort, therefore his work _______ mine. 5.The company has had a successful year, ____ mainly to the improvement in export sales.
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If a customer wants to draw cash with a cheque for himself at his own branch, what he needs to do is to write "pay cash" between the parallel lines.A．RightB．WrongC．Doesn't say
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He broke his leg on the ice. ___, he was absent from work for half a year.
A、As possibleB、As followsC、As a resultD、As a whole
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Whenever he has trouble in study, he always tries, _____, to get help from his teachers and classmates.AsomehowBanyhowCno matter howDanyway
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Not until the meeting was over ____ that he had made a mistake in his speech.
A、he realizedB、did he realizeC、he has realizedD、has he realized
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We learn from the text that a person with heart disease has a better chance of getting well ifA．he has a pet companionB．he has less stress of workC．he often does mental arithmeticD．he is taken care of by his family
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Section BDirections: Complete the following passage by using the words in the box. Each word can only be used once. Note that there is one word more than you need.A. contents B. taking C. carefully D. plastic E. packagingF. declined G. freely H. typical I. contracts J. registeredIf the package looks pretty, people will buy just about anything. So says an advertising executive in New York, and he has proved his point by selling boxes of rubbish for the price of an expensive bottle of wine.Justin Gignac, 26, has sold almost 900 ____41_____ presented plastic boxes of rubbish from the street of the Big Apple at between $50 and $100 each. Buyers from 19 countries have paid for the souvenirs(纪念品). The idea has been so successful that he is thinking of promoting it around the world.It all began when Mr. Gignac was at a summer workshop. “We had a discussion about he importance of ____42___,” he recalls. “Someone said packaging was unimportant. I disagreed. The only way to prove it was by selling something nobody would ever want.”He searches the streets of Manhattan and typical ___43___ include broken glass, subway tickets, Starbucks cups and used ___44____ forks. “Special editions” are offered at a high price. He charged $100 for rubbish from the opening day of the New York Yankees’ stadium.Mr. Gignac denies ____45___ his customers for fools: “They know what they’re getting. They appreciate the fact that they’re taking something nobody would want and finding beauty in it.”Some _____46___ customers include people who used to live in the city and want a down-to-earth souvenir. He claims he has even sold to art collectors.Realizing that the concept appears to be a real money-maker, Mr. Gignac has ___47___ a company and is employing his girlfriend as vice president. He ___48___ to discuss his profit margins: “It’s actually quite a lot of effort putting them together—but yet, garbage is free.”Mr. Gignac is considering more varieties of souvenirs. He maintains that he has signed ___49___ with people interested in similar projects from as far as Berlin and London.41.___________
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A child has his pains because______.A．he can not do whatever he wants toB．he is not allowed to play in rainC．he has a lot of new things to learnD．he can not play at the seaside freely
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Peter has been out of work for half a year，so he wants to__________a job in this company．A.prepare for
B.apply for
C.wait for
D.care for
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How will Mr. Chalmers remit the payment?A.He will send a check every month
B.It will be taken out of his bank account
C.It will automatically be deleted from his paycheck
D.He will bring cash to the company
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Which of the following statements about Armold Schwarzenegger is TRUE？( ) A.He was elected governor of California 10 years ago
B.He used to attach much importance to personal enjoyment
C.He has been thinking of solving sexual problems for long
D.He has troubles with his two daughters and two sons
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单选题His mother had talked to him for two hours while he was watching TV, but _____.A
a little did he hearB
little did he hearC
little heard heD
a little heard he
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问答题Practice 13 ● Miss Peters has placed an order with Mr. Frederic. This is the first order his company has ever got from her company. Mr. Frederic decides to keep this new customer and is thinking of increasing his company’s sales to her. ● Suppose you are a secretary of Mr. Frederic, he asks you to write this letter. ● Please write the letter. ● Write 60-80 words.
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问答题In social situations, the classic Intention Movement is“the chair-grasp”. Host and guest have been talking forsome time, but now the host has an appointment to keep and can get (1)_____away. His urge to go is held in check by his desire not be rude (2)_____to his guest. If he did not care of his guest’s feelings he would (3)_____simply get up out of his chair and to announce his departure. (4)_____This is what his body wants to do, therefore his politeness (5)_____glues his body to the chair and refuses to let him raise. It is at (6)_____this point that he performs the chair-grasp IntentionMovement. He continues to talk to the guest and listen tohim, but leans forward and grasps the arms of the chair as (7)_____about to push himself upwards. This is the first act he wouldmake if he were rising. If he were not hesitating, it would (8)_____only last a fraction of a second. He would lean, push, rise, (9)_____and be up. But now, instead, it lasts much longer. He holdshis“readiness-to-rise”post and keeps on holding it. It is as if (10)_____his body had frozen at the get-ready moment.
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单选题Why does Mr. Black want to delay his loan payment?A
Because his store opens in January.B
Because he has declared bankruptcy,C
Because he is paying back other loans.D
Because he wants to modify his contract.
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问答题Practice 1 ●You have just received a telephone call for your colleague, Sue Benton, who is away from her desk. A sales representative, John Smith, from Barton’s Co has been delayed. He cannot get to a meeting with Sue, but thinks he can get there later. He has given you his mobile number and would like Sue to call him back. ● Write a message for your colleague saying: ● who has called ● why he will be late ● when he can get there ● what he wants Sue to do ● Write 30-40 words.
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问答题Practice 6 I have known very few writers, but those I have known, and whom I respect, confess at once that they have little idea where they are going when they first set pen to paper. They have a character, perhaps two; they are in that condition of eager discomfort which passes for inspiration; all admit radical changes of destination once the journey has begun; one, to my certain knowledge, spent nine months on a novel about Kashmir, then reset the whole thing in Scottish Highlands. I have never heard anyone making a ‘skeleton’, as we were taught at school. In the breaking and remarking, in the timing, interweaving, beginning afresh, the writer comes to concern things in his material which were not consciously in his mind when he began. This organic process, often leading to moments of extraordinary self-discovery, is of an indescribable fascination. A blurred image appears; he adds a brushstroke and another, and it is gone; but something was there, and he will not rest till he has captured it. Sometimes the years within a writer outlives a book he has written. I have heard of writers who read nothing but their own books; like adolescents they stand before the mirror, and still cannot fathom the exact outline of the vision before them. For the same reason, writers talk interminably about their own books, winkling out hidden meanings, super-imposing new ones, begging response from those around them. Of course a writer doing this is misunderstood: he might as well try to explain a crime or a love affair. He is also, incidentally, an unforgivable bore. This temptation to cover the distance between himself and the reader, to study his image in the sight of those who do not know him, can be his undoing: he has begun to write to please. A young English writer made the pertinent observation a year or two back that the talent goes into the first draft, and the art into the drafts that follow. For this reason also the writer, like any other artist, has no resting place, no crowd or movement in which he may take comfort, no judgment from outside which can replace the judgment from within. A writer makes order out of the anarchy of his heart; he submits himself to a more ruthless discipline than any critic dreamed of, and when he flirts with fame, he is taking time off from living with himself, from the search for what his world contains at its inmost point.
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