(b) (i) Calculate Amanda’s income tax payable for the tax year 2006/07; (11 marks)
第1题:
(ii) State when the inheritance tax (IHT) calculated in (i) would be payable and by whom. (2 marks)
第2题:
(c) Outline the ways in which Arthur and Cindy can reduce their income tax liability by investing in unquoted
shares and recommend, with reasons, which form. of investment best suits their circumstances. You are not
required to discuss the qualifying conditions applicable to the investment vehicle recommended. (5 marks)
You should assume that the income tax rates and allowances for the tax year 2005/06 apply throughout this
question
第3题:
(c) (i) Compute Gloria’s capital gains tax liability for 2006/07 ignoring any claims or elections available to
reduce the liability. (3 marks)
第4题:
(b) (i) State the condition that would need to be satisfied for the exercise of Paul’s share options in Memphis
plc to be exempt from income tax and the tax implications if this condition is not satisfied.
(2 marks)
第5题:
(c) Explain the capital gains tax (CGT) and income tax (IT) issues Paul and Sharon should consider in deciding
which form. of trust to set up for Gisella and Gavin. You are not required to consider inheritance tax (IHT) or
stamp duty land tax (SDLT) issues. (10 marks)
You should assume that the tax rates and allowances for the tax year 2005/06 apply throughout this question.
第6题:
(iii) State the value added tax (VAT) and stamp duty (SD) issues arising as a result of inserting Bold plc as
a holding company and identify any planning actions that can be taken to defer or minimise these tax
costs. (4 marks)
You should assume that the corporation tax rates for the financial year 2005 and the income tax rates
and allowances for the tax year 2005/06 apply throughout this question.
第7题:
(b) Calculate Alvaro Pelorus’s capital gains tax liability for the tax year 2006/07 on the assumption that all
available reliefs are claimed. (8 marks)
第8题:
(c) Calculate and explain the amount of income tax relief that Gerard will obtain in respect of the pension
contributions he proposes to make in the tax year 2007/08 and contrast this with how his position could be
improved by delaying some of the contributions that he could have made in 2007/08 until 2008/09. You
should include relevant supporting calculations and quantify the additional tax savings arising as a result of
your advice.
You should ignore the proposed changes to the bonus scheme for this part of this question and assume that
Gerard’s income will not change in 2008/09. (12 marks)
第9题:
(c) The inheritance tax payable by Adam in respect of the gift from his aunt. (4 marks)
Additional marks will be awarded for the appropriateness of the format and presentation of the memorandum and
the effectiveness with which the information is communicated. (2 marks)
Note: you should assume that the tax rates and allowances for the tax year 2006/07 will continue to apply for the
foreseeable future.
第10题:
(b) (i) Explain, by reference to Coral’s residence, ordinary residence and domicile position, how the rental
income arising in respect of the property in the country of Kalania will be taxed in the UK in the tax year
2007/08. State the strategy that Coral should adopt in order to minimise the total income tax suffered
on the rental income. (7 marks)
第11题:
(c) On the assumption that the administrators of Noland’s estate will sell quoted shares in order to fund the
inheritance tax due as a result of his death, calculate the value of the quoted shares that will be available to
transfer to Avril. You should include brief notes of your treatment of the house and the shares in Kurb Ltd.
(9 marks)
Note: you should assume that the tax rates and allowances for the tax year 2006/07 apply throughout this
question.
(c) Value of quoted shares that can be transferred to Avril
The value of shares to be transferred to Avril will be equal to £370,000 less the inheritance tax due by the estate.
IHT is payable on transfers in the seven years prior to Noland’s death and on the death estate.
The only chargeable gift in the seven years prior to Noland’s death is the transfer to the discretionary trust. No tax is due in
respect of this gift as it is covered by the nil rate band.
第12题:
(c) (i) Calculate Benny’s capital gains tax liability for 2006/07. (6 marks)
第13题:
(b) Assuming that the income from the sale of the books is not treated as trading income, calculate Bob’s taxable
income and gains for all relevant tax years, using any loss reliefs in the most tax-efficient manner. Your
answer should include an explanation of the loss reliefs available and your reasons for using (or not using)
them. (12 marks)
Assume that the rates and allowances for 2004/05 apply throughout this part of the question.
第14题:
(b) Compute Gloria’s total income tax and national insurance liability for 2006/07. (7 marks)
第15题:
(b) Calculate the inheritance tax (IHT) liability arising as a result of Christopher’s death. (11 marks)
第16题:
(ii) Calculate Paul’s tax liability if he exercises the share options in Memphis plc and subsequently sells the
shares in Memphis plc immediately, as proposed, and show how he may reduce this tax liability.
(4 marks)
第17题:
(ii) Assuming the new structure is implemented with effect from 1 August 2006, calculate the level of
management charge that should be made by Bold plc to Linden Limited for the year ended 31 July
2007, so as to minimise the group’s overall corporation tax (CT) liability for that year. (2 marks)
第18题:
(ii) Calculate the corporation tax (CT) payable by Tay Limited for the year ended 31 March 2006, taking
advantage of all available reliefs. (3 marks)
第19题:
(iii) The extent to which Amy will be subject to income tax in the UK on her earnings in respect of duties
performed for Cutlass Inc and the travel costs paid for by that company. (5 marks)
Appropriateness of format and presentation of the report and the effectiveness with which its advice is
communicated. (2 marks)
Note:
You should assume that the income tax rates and allowances for the tax year 2006/07 and the corporation tax
rates and allowances for the financial year 2006 apply throughout this questio
第20题:
(d) Evaluate the effect on Gerard of the changes to be made by Fizz plc to its performance related bonus scheme.
You should ignore the effect of any pension contributions to be made by Gerard in the future, consider both
the value and timing of amounts received by Gerard and include relevant supporting calculations.
(5 marks)
Note: – You should assume that the income tax rates and allowances for the tax year 2006/07 apply throughout
this question.
第21题:
(c) Explanatory notes, together with relevant supporting calculations, in connection with the loan. (8 marks)
Additional marks will be awarded for the appropriateness of the format and presentation of the schedules, the
effectiveness with which the information is communicated and the extent to which the schedules are structured in
a logical manner. (3 marks)
Notes: – you should assume that the tax rates and allowances for the tax year 2006/07 and for the financial year
to 31 March 2007 apply throughout the question.
– you should ignore value added tax (VAT).
第22题:
(ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could affect the
income tax due on her dividend income. (2 marks)
You are not required to prepare calculations for part (b) of this question.
Note: you should assume that the tax rates and allowances for the tax year 2006/07 and for the financial year to
31 March 2007 will continue to apply for the foreseeable future.
第23题:
(ii) Write a letter to Donald advising him on the most tax efficient manner in which he can relieve the loss
incurred in the year to 31 March 2007. Your letter should briefly outline the types of loss relief available
and explain their relative merits in Donald’s situation. Assume that Donald will have no source of income
other than the business in the year of assessment 2006/07 and that any income he earned on a parttime
basis while at university was always less than his annual personal allowance. (9 marks)
Assume that the corporation tax rates and allowances for the financial year 2004 and the income tax rates
and allowances for 2004/05 apply throughout this question.
Relevant retail price index figures are:
January 1998 159·5
April 1998 162·6
(ii) [Donald’s address] [Firm’s address]
Dear Donald [Date]
I understand that you have incurred a tax loss in your first year of trading. The following options are available in respect
of this loss.
1. The first option is to use the trading loss against other forms of income in the same year. If such a claim is made,
losses are offset against income before personal allowances.
Any excess loss can still be offset against capital gains of the year. However, any offset against capital gains is
before both taper relief and annual exemptions.