2021年河南ACCA考试准考证打印时间：考前两周

正确答案：
(c) Further advice
Mabel should consider delaying one of the gifts until after 1 May 2007 such that it is made more than seven years after the
gift to the discretionary trust. Both PETs would then be covered by the nil rate band resulting in a saving of inheritance tax
of ￡6,720 (from (b)).
Mabel should ensure that she uses her inheritance tax annual exemption of ￡3,000 every year by, say, making gifts of ￡1,500
each year to both Bruce and Padma. The effect of this will be to save inheritance tax of ￡1,200 (￡3,000 x 40%) every year.

正确答案：
(c) (i) Organic Foods Ltd (OFL) with a market share of 6·66% is the market leader at 30 November 2005 and is forecast to
have a market share of 8% by 30 November 2007. Operating profits appear to be healthy and therefore it seems
reasonable to regard OFL as a current ‘strength’ of Diverse Holdings Plc. This is supported by the fact that OFL has built
up a very good reputation as a supplier of quality produce.
Haul Trans Ltd was acquired on 1 December 2005 and has a demonstrable record of recent profitability. It is noticeable
that the profitability of HTL is forecast to increase by 40% (excluding inflation) during its first two years of ownership.
No one organisation appears to dominate the market. Forecast profits are expected to grow significantly from an almost
static turnover and thus more information is required regarding how this increase in profitability is to be achieved.
Management may have identified opportunities for achieving significant cost savings and/or forming business
relationships with new and more profitable customers, while ceasing to service those customers who are less profitable.
Kitchen Appliances Ltd (KAL) has been identified as both a weakness and threat. KAL’s market is slowly contracting,
but its share is falling more quickly. It was almost the market leader at 30 November 2005. Judging by its fall in the
level of operating profit KAL is carrying heavy fixed costs which must make it more difficult to compete. Indeed, it is
forecast to make a loss during the year ending 30 November 2007. KAL has suffered from squeezed margins as a
consequence of competition from low cost imports. The situation may be further exacerbated as competition from abroad
intensifies.
Paper Supplies Ltd (PSL) has stood still in a growing market, one which is dominated by a single supplier. PSL appears
to be struggling to achieve any growth in turnover, profits and therefore cash flow. PSL cannot really compete with a
narrow range of products and only two customers.
Office Products Ltd (OPL) is growing but appears unable to increase its operating profit in % terms. It appears to be
operating in a high-growth market but unable to achieve a reasonable market share in spite of the fact that its products
are highly regarded by health and safety experts.

正确答案：
(b) Rate of tax on profits of non-UK resident investee companies
Undistributed profits
The companies will be subject to tax in the countries in which they are resident; this is because of their residency status or
because they have a permanent establishment in that country. Undistributed profits will not be taxed in the UK.
The rate of tax on undistributed profits will therefore be the rate of tax in the country of residency of the respective companies.
Distributed profits with double tax treaty
The dividends received by Acrux Ltd from each of the overseas companies will be grossed up in respect of underlying tax (the
overseas corporation tax paid on the distributed profits) because Acrux Ltd will own at least 10% of the overseas companies.
The gross amount will then be included in Acrux Ltd’s profits chargeable to corporation tax.
The treaty will provide double tax relief in the UK for the overseas tax suffered in respect of each dividend up to a maximum
of the UK tax on the grossed up overseas dividend. As a result of the double tax relief, the overall rate of tax suffered will be
the higher of the UK rate paid by Acrux Ltd and the overseas tax rate borne by the overseas company.
Where the rate of overseas tax in respect of a particular dividend exceeds the rate of corporation tax in the UK, excess foreign
tax will arise. This can be relieved, via onshore pooling, against the UK tax due on those dividends where the rate of tax in
the UK exceeds the rate overseas. This will reduce the overall rate of tax suffered on the total overseas profits of the overseas
companies as a whole.
Distributed profits with no double tax treaty
Where there is no double tax treaty, unilateral double tax relief will be available in the UK. This relief will operate in the same
way as double tax relief under a double tax treaty such that the overall rate of tax on each dividend will be the higher of the
UK rate paid by Acrux Ltd and the overseas rate borne by the overseas company. Relief via onshore pooling will also be
available.

正确答案：
(a) The working capital cycle illustrates the changing make-up of working capital in the course of the trading operations of a
business:
1 Purchases are made on credit and the goods go into inventory.
2 Inventory is sold and converted into receivables
3 Credit customers pay their accounts
4 Cash is used to pay suppliers.