1、P6 高级税务-4 及答案解析(总分：100.00，做题时间：90 分钟)一、论述题(总题数：5，分数：100.00)1.James is about to be made redundant by Quark Ltd. He is seeking advice on the taxation of his redundancy paymentand on the sale of shares acquired via an approved share incentive plan. He intends to form Proton Ltd, which isexpected to be
2、treated as a personal service company, and wants to know how much better or worse off he will beas compared to the job he is about to lose.The following information has been obtained from a meeting with James.James - Income, national insurance and capital gains tax position:- James is paid a salary
3、of 70,000 per year by Quark Ltd.- He is not contracted out of the State Second Pension.- He has no income other than that from Quark Ltd and Proton Ltd in the tax year 2012/13.- He withdrew shares from the Quark Ltd approved share incentive plan on 1 September 2012.- His disposal of the shares in Qu
4、ark Ltd is his only disposal for the purposes of capital gains tax in the taxyear 2012/13.Withdrawal and sale of shares from the Quark Ltd approved share incentive plan:- James has been awarded free shares on 1 June every year since 2008.- James withdrew all of the shares in the plan on 1 September
5、2012 and immediately sold them.Redundancy and future plans:- Quark Ltd will make James redundant on 31 January 2013.- The company will make a redundancy payment to James of 38,500.- In accordance with its usual policy, the company will also pay James 17,500 in lieu of notice.- James will form a new
6、company, Proton Ltd.Proton Ltd - Activities:- Proton Ltd will provide services to Quark Ltd and to other companies.- The services will be carried out by James personally.- All of Proton Ltds income will be in respect of relevant engagements and therefore subject to the personalservice company (IR35)
7、 legislation.Proton Ltd - Estimated income and outgoings for a full year:Gross fee income 80,000Salary paid to James 48,000Administrative expenses 3,000Travel expenses reimbursed to James 1,500Dividends paid to James 18,000Notes:1 Where applicable, the above amounts are stated excluding value added
8、tax (VAT).2 The travel expenses are those which will be necessarily incurred by James in performing the work for QuarkLtd and the other customers of Proton Ltd.Required(a) Identify the income tax, national insurance contribution and capital gains tax implications, if any, of thewithdrawal and subseq
9、uent sale of the shares in Quark Ltd, the redundancy payment and the payment in lieuof notice. (b) (i) Prepare calculations to determine the effect on Jamess annual income, after deduction of all taxes, ofworking for Proton Ltd rather than Quark Ltd. (ii) Calculate the effect on Jamess annual income
10、, after deduction of all taxes, if the income of ProtonLtd were not regarded as being in respect of relevant engagements. (c) Give three examples of specific contractual arrangements that would assist in arguing that the relationshipsbetween Proton Ltd and its customers do not amount to relevant eng
11、agements such that they would nolonger be covered by the personal service company (IR35) legislation. Assume that the tax rules and rates for 2011/12 continue to apply in subsequent years.（分数：20.00）_2.Boson has been living overseas and is about to return to the UK. He requires advice on his capital
12、gains tax positionand on whether to retain an overseas investment property or to sell it and invest the funds in the UK.The following information has been obtained from telephone conversations with Boson.Bosons current position:- He is UK domiciled.- He had lived in the UK all of his life until he m
13、oved to the country of Higgsia on 1 January 2008.- He sold shares in Meson plc whilst living in Higgsia.- He purchased a house in Higgsia but retained his principal private residence in the UK.Bosons future:- Boson plans to return permanently to his home in the UK on 20 January 2013.- He has signed
14、an employment contract with Graviton Ltd, which commences on 15 April 2013.- He is considering selling the house in Higgsia and investing the after tax proceeds in a portfolio of quotedshares in UK companies or, alternatively, retaining the house and renting it out.Sales of shares in Meson plc:- Mes
15、on plc is a UK resident quoted company.- Boson inherited 19,500 shares on 1 August 2001 when they were worth 2 each.- Boson sold 10,000 shares on 1 May 2008 for 11 each.- Boson sold the remaining shares on 1 November 2012 for 15 each.House in the country of Higgsia:- Purchased by Boson on 1 May 2008
16、 for 105,000.- Could be rented out for 11,000 per year after deduction of allowable expenses.- Is currently worth and could be sold for 200,000.The tax system in the country of Higgsia:- Non-residents of Higgsia are charged income tax at 30% on income arising in the country of Higgsia.- No capital g
17、ains tax.- No double tax treaty with the UK.Employment contract with Graviton Ltd:- Boson will be paid an annual salary of 35,200.Portfolio of quoted shares:- The portfolio would be expected to generate annual dividends at the rate of approximately 4.3% of thecapital invested.Required(a) Advise Boso
18、n, by reference to his residence and ordinary residence position, as to whether the sales of theshares in Meson pic on 1 May 2008 and 1 November 2012 and the possible sale of the house in the countryof Higgsia will be subject to capital gains tax. State what he should do in order to ensure that any
19、gainsarising are not subject to capital gains tax.Note: you are not required to prepare calculations for part (a) of this question. (b) (i) Calculate Bosons annual rental income after deduction of all taxes in respect of the house in Higgsia.(ii) On the assumption that the house in Higgsia is sold f
20、or 200,000, with no capital gains tax payable,calculate the annual after tax income generated if the whole amount is invested in the portfolio ofquoted shares. (iii) Calculate the maximum by which the rate of return on the portfolio of quoted shares could fall beforethe after tax income generated wo
21、uld cease to exceed the return from renting out the house inHiggsia. Assume that the tax rules and rates for 2011/12 continue to apply in subsequent years.（分数：20.00）_3.Simone is a partner in the firm Ellington and Co. She is seeking advice on the tax efficient use of her share of thepartnerships los
22、s for the year ended 5 April 2012. Simone intends to establish a new business and is consideringthe need to register for the purposes of value added tax (VAT).The following information has been obtained from a meeting with Simone.Simones income and capital gains:- Dividends received of 12,600 in the
23、 tax year 2010/11, 10,800 in the tax year 2011/12 and nil insubsequent years. In years prior to this, she had received dividends of 9,000 per annum.- Share of profits from Ellington and Co for the year ended 5 April 2011 of 48,200.- Capital gains of 94,000 on the sale of a portfolio of quoted shares
24、 on 1 February 2012.Ellington and Co:- Has been trading for many years.- Has two partners; Ellington and Simone. A third partner, Basle, retired on 28 February 2012.- Made a loss in the year ended 5 April 2012.- Is budgeted to make tax adjusted trading profits of no more than 25,000 per year for the
25、 next few years.- Is registered for the purposes of VAT.Ellington and Co - results for the year ended 5 April 2012:- The firm made a tax adjusted trading loss, before deduction of capital allowances, of 90,000.- The firm purchased office equipment on 1 December 2011 for 21,200.- The balance on the c
26、apital allowances main pool as at 5 April 2011 was 700.Ellington and Co - profit sharing arrangements:- From 6 April 2011 until 28 February 2012Ellington Simone BasleAnnual salaries 15,000 11,500 13,000Profit sharing ratio 3 : 2 : 2- From 1 March 2012Ellington SimoneAnnual salaries 14,000 14,000Prof
27、it sharing ratio 1 : 1Simones new business:- Simone intends to start trading on 1 September 2012.- Taxable trading profit is budgeted to be approximately 1,500 per month.- Taxable supplies are expected to be between 75,000 and 95,000 in the first year.- Simone does not wish to register voluntarily f
28、or VAT.Required(a) (i) Calculate Simones share of the tax adjusted trading loss for the year ended 5 April 2012; (ii) State the alternative strategies available to Simone in respect of her share of the taxable trading lossfor the year ended 5 April 2012; (iii) Explain, using supporting calculations
29、where necessary, which of the strategies will save the most taxand calculate the total tax saved via the operation of this strategy.Note: your calculations should be based on the assumption that the tax rates and allowances for theyear 2011/12 apply to all relevant years. (b) Explain when Simone wou
30、ld be required to register and to start charging her customers VAT and, in relationto this, comment on the relevance of Ellington and Co being VAT registered.Note: you are not required to prepare calculations for part (b) of this question.（分数：20.00）_4.Ellroy started an unincorporated business on 1 O
31、ctober 2012. He requires advice on his choice of accounting date,a possible change of accounting date and the use of the flat rate scheme for the purposes of VAT (value added tax).The following information has been obtained from telephone conversations with Ellroy.Ellroy:- Is 47 years old.- Is consi
32、dering either a 31 March or a 30 September year end in 2013 and future years for his new business.- Receives a share of profits from a partnership of more than 50,000 per year.The budgeted trading profits of the business:- It should be assumed that the profits set out below will accrue evenly in eac
33、h trading period.- The profits before deduction of capital allowances but after all other tax adjustments have been made are:Six months ending 31 March 2013 13,100Year ending 31 March 2014 87,200Year ending 31 March 2015 74,400- Ellroys only capital expenditure will be the purchase of three vans at
34、a total cost of 32,000 in June 2013.The VAT position of the business:- The budgeted annual turnover and expenses of the fully established business are:Turnover (all standard rated) 100,000Expenses: standard rated 21,000zero rated 3,000outside the scope of VAT 5,000- All the figures exclude VAT.Requi
35、red(a) (i) Calculate the difference in the total income tax and national insurance that will be payable by Ellroyfor the first three tax years of the business depending on whether he adopts a 31 March or 30September year end. (ii) Explain the tax implications, including the effect on Ellroys taxable
36、 profits for 2015/16 if, havinginitially adopted a 31 March year end, he were to change his accounting date and prepare accountsfor the six months ending 30 September 2015. You should consider the possibility of both rising andfalling levels of profitability. (b) Explain, by reference to the budgete
37、d annual turnover and expenses of the fully established business andwith the aid of supporting calculations, the maximum flat rate percentage that can apply to Ellroys businesssuch that it would be financially beneficial for him to join the flat rate scheme. Note: you should ignore the 1% discount f
38、or the first 12 months of registration.You should assume that the tax rates and allowances for the tax year 2011/12 will continue to apply for theforeseeable future.（分数：20.00）_5.You have received the following email from your manager, Kara Weddell.From: Kara WeddellDate: 3 December 2012To: Tax senio
39、rSubject: Banda RossIve put a copy of a letter from a potential new client, Banda Ross, on your desk. Ive arranged a meeting with Bandafor Friday this week to discuss the most appropriate structure for her new business, Aral.I spoke to Banda yesterday and obtained the following additional informatio
40、n. Banda has owned the whole of the ordinary share capital of Flores Ltd since 1 January 2009. Flores Ltd pays Banda a salary of 12,700 per annum and pays dividends to her of 20,250 on 31 July each year. Banda does not intend to take any income from Aral until the tax year 2015/16 at the earliest. F
41、lores Ltd is Bandas only source of income.Banda also mentioned that Flores Ltd made some sort of informal loan to her in 2009 of 21,000 to pay forimprovements to her house. I decided not to press her about this over the phone but I need to discuss with herwhat she meant by informal and whether or no
42、t the loan has been disclosed to HM Revenue and Customs.Please prepare the following schedules for me to use as a basis for our discussions. I will give Banda copies ofschedules (a) and (b) but not schedule (c), as some of its contents may be sensitive.(a) Calculations of the anticipated tax adjuste
43、d trading profit/loss of Aral for its first three trading periods.(b) Explanations, together with relevant supporting calculations, of the tax relief available in respect of theanticipated trading losses depending on whether the business is run as a sole trader or a limited company.When considering
44、the use of a limited company, dont forget that it could be owned by Banda or by FloresLtd.Please include a recommendation based on your figures but do not address any other issues regarding thedifferences between trading as a sole trader and as a company; I just want to focus on the losses for themo
45、ment.(c) Explanatory notes of the tax implications of there being a loan from Flores Ltd to Banda and whether or notsuch a loan might affect our willingness to provide her with tax advice.Take some time to think about your approach to this before you start; I want you to avoid preparing anyunnecessa
46、ry calculations and to keep the schedules brief.Thank youKaraThe letter referred to in Karas email is set out below.Dear KaraAral businessI am the managing director of Flores Ltd, a company that manufactures waterskiing equipment. I am looking for atax adviser to help me with my next business ventur
47、e.When I began the Flores business in 2007 it was expected to make losses for the first year or so. I was advised notto form a company but to trade as a sole trader and to offset the losses against my income of earlier years. Ifollowed that advice and transferred the business to Flores Ltd on 1 Janu
48、ary 2009, once it had become profitable.Flores Ltd has made taxable trading profits of approximately 120,000 each year since it was formed. It preparesaccounts to 30 June each year.For the past few months I have been researching the windsurfing market. I must have spent at least 6,000travelling around the UK visiting retailers and windsurfing clubs (half of which was spent on buying people lunch!).However, it was all worth while as on 1 January 2013 I intend to start a new
