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4 Assume today’s date is 15 May 2005.In March 1999, Bob was made redundant from his job as

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. He

started trading on 1 October 2001. After some initial success, the business made losses as Bob tried to win more

customers. However, he was eventually successful, and the business subsequently made profits.

The results for Bob’s business were as follows:

Period Schedule D Case I

Trading Profits/(losses)

￡

1 October 2001 – 30 April 2002 13,500

1 May 2002 – 30 April 2003 (18,000)

1 May 2003 – 30 April 2004 28,000

Bob 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, Bob

started 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, realising

chargeable 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 ￡12,600

per 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 shares

in August 2000, paying ￡3 per share. On 1 December 2004, Bob received a letter informing him that the company

had gone into receivership. As a result, his shares were almost worthless. The receivers dealing with the company

estimated 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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发布时间：2021-04-17

更多“4 Assume today’s date is 15 May 2005.In March 1999, Bob was made redundant from his job as”相关的问题

第1题

4 Assume today’s date is 5 February 2006.Joanne is 37, she was born and until 2005 had liv

4 Assume today’s date is 5 February 2006.

Joanne is 37, she was born and until 2005 had lived all her life in Germany. She recently married Fraser, aged 38,

who is a UK resident, but who worked briefly in Germany. They have no children.

The couple moved to the UK to live permanently on 9 October 2005. Joanne was employed by an American company

in Germany, and she continued to work for them in the UK until the end of November 2005. Her earnings from the

American company were ￡5,000 per month. Joanne has not remitted any of the income she earned in Germany prior

to her arrival in the UK.

Joanne resigned from her job at the end of November 2005. The company did not hold her to the three months notice

stipulated in her contract, but still paid her for that period. In total, Joanne paid ￡4,200 in UK income tax under PAYE

for the tax tear 2005/06.

Joanne also wishes to sell the shares she holds in a German listed company. The shareholding cost the equivalent of

￡3,500 in September 1986, and its current value is ￡21,500. She intends to sell the shares in March 2006 and to

invest the proceeds from the sale in the UK. Joanne has made no other capital disposals in the year.

Prior to her leaving employment, Joanne investigated the possibility of starting her own business providing a German

translation service for UK companies, and took some advice on the matter. She paid consultancy fees of ￡5,000

(excluding value added tax (VAT)) and bought a computer for ￡2,000 (excluding VAT), both on 23 October 2005.

Joanne started trading on 1 December 2005. She made sales of ￡2,000 in December, and estimates that her sales

will rise by ￡1,000 every month to a maximum of ￡7,000 per month. Joanne believes that her monthly expenses of

￡400 (excluding VAT) will remain constant. Her year end will be 31 March, and the first accounts will be drawn up

to 31 March 2006.

Although Joanne has registered her business for tax purposes with the Revenue, she has not registered for VAT and

is unsure what is required of her in this respect.

Required:

(a) State, giving reasons, whether Joanne will be treated as resident or non-resident in the UK for the year of

assessment 2005/06, together with the basis on which her income and gains of that year will be subject to

UK taxation. (3 marks)

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第2题

6 Assume today’s date is 16 April 2005.Henry, aged 48, is the managing director of Happy H

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 interior

design. 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 10,000

shares. The options were granted on 15 July 2003, shortly after the company started trading, and were not part of

an 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 not

capable of being exercised after 10 years from the date of grant. The company has been successful, and the current

value 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 pay

them in cash. Henry believes that giving new employees the chance to buy shares in the company would help recruit

staff, as they could share in the growth in value of Happy Home Ltd. Henry has heard that there is a particular share

scheme that is suitable for small, fast growing companies. He would like to obtain further information on how such

a 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 ￡340,000

and Helen has shares in quoted companies currently worth ￡125,000. Henry has no forms of insurance, and believes

he should make sure that his wealth and family are protected. He is keen to find out what options he should be

considering.

Required:

(a) (i) State how the gift of the 3,000 shares in Happy Home Ltd was taxed. (1 mark)

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第3题

The future population will be older than today, and this in turn will change the patterns

of social demands. However, Mexico will still be far from the "aging societies" that will most likely prevail (占优势 ) in the industrialized countries. In less than 25 years, the country will have to add almost as much infrastructure as it has already built up to now, simply to maintain services and production at the current levels. This will be a tremendous challenge, although a similar one was faced successfully in the recent past, when available infrastructure was doubled in two decades or so. It is no wonder that much has been said about the need to reduce or preferably halt Mexico's population control which is taken for granted as both good and necessary. It has also gained supporters in the developing world, and Mexico is no exception. But the arguments about population are complicated, as the following discussion illustrates. Even if Mexico's population reaches 125 million by the year 2010, its population density is still smaller than the 1985 population density of some 50 countries. By international standards Mexico will still not be overpopulated by the year 2010. If wealth is generated by people, the more individuals there are, the greater the wealth that potentially could be generated. Why should Mexico control its population at density levels below those of the richer countries if more population represents the possibility of generating more wealth？ On the other hand, it is often pointed out that once sustainability(支撑力) limits are near or are reached, there are decreasing productivity gains (or,perhaps more accurately, increasing productive losses) , and people become a cost rather than an asset. If we assume that there are sustainability limits and that we are close to reaching these limits at a world level, then it is appropriate to check population growth. According to the passage, the population argument is focused on_______.

A.whether more people are a property or a cost

B.whether Mexico should control its population growth or not

C.whether the density of population in Mexico is large or small

D.what the standard international sustainability limit is

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第4题

（d) Calculate the ex dividend share price predicted by the dividend growth model and discu

(d) Calculate the ex dividend share price predicted by the dividend growth model and discuss the company’s

view that share price growth of at least 8% per year would result from expanding into the retail camera

market. Assume a cost of equity capital of 11% per year. (6 marks)

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第5题

（b) Explain why making sales of Sabals in North America will have no effect on Nikau Ltd’s

(b) Explain why making sales of Sabals in North America will have no effect on Nikau Ltd’s ability to recover its

input tax. (3 marks)

Notes: – you should assume that the corporation tax rates and allowances for the financial year to 31 March 2007

will continue to apply for the foreseeable future.

– you should ignore indexation allowance.

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第6题

Many artists today are in what is called applied art. They usetheir ability in advertise,

Many artists today are in what is called applied art. They use

their ability in advertise, interior decoration, or some similar job.【1】______

But people in business which hire the artists for that kind of work 【2】______

say that simple artist ability is not enough. There are lots of young【3】______

people who have that. But not enough of them who know anything 【4】______

about physics, or mechanical things, or math.

To be a druggist you have to study chemistry. You can't learn

chemistry without knowing something about algebra.

How about a nurse？ One of the requiring subjects in a course of 【5】______

nursing is known to material medica. In materia me dica you'll 【6】______

learn how to figure out doses and prepare for medicines. Algebra is 【7】______

important in doing the figuring. Too many student nurses flunk out

of the course because of their weak math.

It's the same for many trades. If you want to be a crafts-man, 【8】______

a machinist, a molder, and a patternmaker, you'll need algebra and 【9】______

geometry and even trigonometry.

Even you want to go into business for yourself, you'll need 【10】______

math. Business today, whether it is running a little gas station or a

big factory, takes good management. Good management takes mathematics

【M1】

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第7题

Today's weather is () worse than yesterday's.

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第8题

（ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could

(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.

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第9题

PartA 2. TheNationalAssociationofSecuritiesDealersisinvestigatingwhethersomebrokerage

PartA 2. The National Association of Securities Dealers is investigating whether some brokerage

houses are inappropriately pushing individuals to borrow large sums on their houses

to invest in the stock market. Can we persuade the association to investigate would-be privatizers of Social Security？ For it is now apparent that the Bush administration’s privatization proposal will amount to the same thing: borrow trillions, put the

money in the stock market and hope.

Privatization would begin by diverting payroll taxes, which pay for current Social

Security benefits, into personal investment accounts. The government would

have to borrow to make up the shortfall. This would sharply increase the government’s debt. “Never mind”, privatization advocates say, “in the long run, people would

make so much on personal accounts that the government could save money by cutting retirees’

benefits.Even so, if personal investment accounts were invested in Treasury bonds,

this whole process would accomplish precisely nothing. The interest workers would receive on,

their accounts would exactly match the interest the government would

have to pay on its additional debt. To compensate for the initial borrowing,

the government would have to cut future benefits so much that workers would gain nothing at all.

However, privatizersclaim that these investments would make a lot of

money and that, in effect, the government, not the workers, would reap most of those gains,

because as personal accounts grew, the government could cut benefits.

We can argue at length about whether the high stock returns such schemes assume are realistic

(they arent), but lets cut to the chase: in essence, such schemes

involve having the government borrow heavily and put the money in the stock market. That’s because the government would, in effect, confiscate workers’gains in their personal accounts by cutting those workers’ benefits.

Once you realize whatprivatization really means, it doesn’t sound too responsible, does it？ But the details make it considerably worse. First,

financial markets would, correctly, treat the reality of huge deficits today as a much more

important indicator of the governments fiscal health than the mere promise that government could save money by

cutting benefits in the distant future. After all, a government bond is a legally binding

promise to pay, while a benefits formula that supposedly cuts costs 40 years from now is nothing

more than a suggestion to future Congresses.

If a privatization plan passed in 2005 called for steep benefit cuts in 2045,

what are the odds that those cuts would really happen？ Second,

a system of personal accounts would pay huge brokerage fees. Of course, from Wall Street’s point of view that’s a benefit, not a cost.

第26题：According to the author, “privatizers”are those_____.

[A] borrowing from banks to invest in the stock market [B] who invest in Treasury bonds

[C] advocating the government to borrow money from citizens [D] who earn large sums of money in personal

accounts

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第10题

__--It's April 3rd（）

A.What day is it today

B.When is your School Day

C.What's the date today

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