2011年6月ACCA《财务报告》UK试题及答案

正保会计网校每日为学员更新一道近五次考试的试题，希望在考试即将到来之际，帮助学员查漏补缺、巩固学过的知识点，预祝考生在考场上发挥自如。

问题：

 

Question:

On 15 October 2010 Alphabet Ltd, an unquoted trading company, was taken over by XYZ plc. Prior to the takeover Alphabet Ltd’s share capital consisted of 100,000 ￡1 ordinary shares, and under the terms of the takeover the shareholders received either cash of ￡6 per share or one ￡1 ordinary share in XYZ plc for each ￡1 ordinary share in Alphabet Ltd. The following information is available regarding the four shareholders of Alphabet Ltd：

 

Aloi

Aloi has been the managing director of Alphabet Ltd since the company’s incorporation on 1 January 2000, and she accepted XYZ plc’s cash alternative of ￡6 per share in respect of her shareholding of 60,000 ￡1 ordinary shares in Alphabet Ltd. Aloi had originally subscribed for 50,000 shares in Alphabet Ltd on 1 January 2000 at their par value,and purchased a further 10,000 shares on 20 May 2002 for ￡18,600.

 

On 6 February 2011 Aloi sold an investment property, and this disposal resulted in a chargeable gain of £22,600.

 

For the tax year 2010–11 Aloi has taxable income of £60,000.

 

Bon

Bon has been the sales director of Alphabet Ltd since 1 February 2010, having not previously been an employee of the company. She accepted XYZ plc’s share alternative of one ￡1 ordinary share for each of her 25,000 ￡1 ordinary shares in Alphabet Ltd. Bon had purchased her shareholding on 1 February 2010 for ￡92,200.

 

On 4 March 2011 Bon made a gift of 10,000 of her ￡1 ordinary shares in XYZ plc to her brother. On that date the shares were quoted on the Stock Exchange at ￡7·10–￡7·18. There were no recorded bargains. Holdover relief is not available in respect of this disposal.

 

For the tax year 2010–11 Bon has taxable income of ￡55,000.

 

Cherry

Cherry has never been an employee or a director of Alphabet Ltd. She accepted XYZ plc’s cash alternative of £6 per share in respect of her shareholding of 12,000 £1 ordinary shares in Alphabet Ltd. Cherry had purchased her shareholding on 27 July 2003 for £23,900.

 

For the tax year 2010–11 Cherry has taxable income of £31,000, and during the year she contributed £3,400 (gross) into a personal pension scheme.

 

Dinah

Dinah has been an employee of Alphabet Ltd since 1 May 2001. She accepted XYZ plc’s share alternative of one £1 ordinary share for each of her 3,000 £1 ordinary shares in Alphabet Ltd. Dinah had purchased her shareholding on 20 June 2002 for £4,800.

 

On 13 November 2010 Dinah sold 1,000 of her £1 ordinary shares in XYZ plc for £6,600.

 

Dinah died on 5 April 2011, and her remaining 2,000 £1 ordinary shares in XYZ plc were inherited by her daughter. On that date these shares were valued at £15,600.

 

For the tax year 2010–11 Dinah had taxable income of £12,000.

 

Required:

(a) State why Bon, Cherry and Dinah did not meet the qualifying conditions for entrepreneurs’ relief as regards their shareholdings in Alphabet Ltd. (3 marks)

(b) Calculate the capital gains tax liabilities of Aloi, Bon, Cherry and Dinah for the tax year 2010–11.

Note: In each case, the taxable income is stated after the deduction of the personal allowance. (12 marks)

(15 marks)

 

 

答案：

3 (a) (1) Bon only acquired her shareholding and became a director on 1 February 2010, so the qualifying conditions were not met for one year prior to the date of disposal.

(2) Cherry was not an officer or an employee of Alphabet Ltd.

(3) Dinah’s shareholding of 3% (3,000/100,000 x 100) is less than the minimum required holding of 5%.

(b) Aloi – Capital gains tax (CGT) liability 2010–11

Tutorial note: The annual exempt amount is set against the chargeable gain from the sale of the investment property as this saves CGT at the higher rate of 28%.

Bon – CGT liability 2010–11

(1) The shares in XYZ plc are valued at £7·12 (£7·10 + ¼(£7·10 – £7·18)). There is no average value as there were no recorded bargains for the date of the gift.

(2) Following the takeover Bon received 25,000 ordinary shares in XYZ plc. The cost of the original shareholding is passed on to the new shareholding, so the cost attributable to the 10,000 shares sold is £36,880 (92,200 x 10,000/25,000).

Cherry – CGT liability 2010–11

(1) Cherry’s basic rate tax band is extended to £40,800 (37,400 + 3,400), of which £9,800 (40,800 – 31,000) is unused.

Dinah

(1) There is no CGT liability on the sale of the XYZ plc shares as the gain of £5,000 (6,600 – (4,800 x 1,000/3,000)) is less than the annual exempt amount.

(2) The transfer of the XYZ plc shares on Dinah’s death is an exempt disposal.

 

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