题目内容
（请给出正确答案）
In the UK commercial banks often raise funds by issuing bonds and stocks.
A．Right
B．Wrong
C．Doesn't say
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听力原文： Ten years ago a small boy fell off his bicycle because he wanted to look behind. This gave Billy Morgan, a British businessman, a new idea. He designed a bicycle helmet with a built-in minor.
Mr. Morgan launched the product six months ago, and it now has sales of 27,000 and sells in twelve countries from Korea to Finland. The target for the second year is for sales of nearly 1 million pounds.
But it wasn't easy for Mr. Morgan to become successful. He had problems when he tried to interest UK manufacturers in making the helmet. It cost Mr. Morgan 1 million pounds of his own money to develop the helmet for the mass market.
Mr. Morgan found a helmet-maker in France. He worked with French consultants to make the design better for mass production, and spent ￡ 450,000 on preparing the French plant to make the helmet.
Now he plans to do more research and development. He wants to manufacture other designs of rearview helmets for motorcycling, skiing and horse-riding.
(34)
A．A product launch that didn't succeed.
B．A new idea that became a commercial success.
C．A manufacturing problem.
D．A new design of the bicycle helmet.
5 (a) Carver Ltd was incorporated and began trading in August 2002. It is a close company with no associated
companies. It has always prepared accounts to 31 December and will continue to do so in the future.
It has been decided that Carver Ltd will sell its business as a going concern to Blade Ltd, an unconnected
company, on 31 July 2007. Its premises and goodwill will be sold for ￡2,135,000 and ￡290,000 respectively
and its machinery and equipment for ￡187,000. The premises, which do not constitute an industrial building,
were acquired on 1 August 2002 for ￡1,808,000 and the goodwill has been generated internally by the
company. The machinery and equipment cost ￡294,000; no one item will be sold for more than its original cost.
The tax adjusted trading profit of Carver Ltd in 2007, before taking account of both capital allowances and the
sale of the business assets, is expected to be ￡81,000. The balance on the plant and machinery pool for the
purposes of capital allowances as at 31 December 2006 was ￡231,500. Machinery costing ￡38,000 was
purchased on 1 March 2007. Carver Ltd is classified as a small company for the purposes of capital allowances.
On 1 August 2007, the proceeds from the sale of the business will be invested in either an office building or a
portfolio of UK quoted company shares, as follows:
Office building
The office building would be acquired for ￡3,100,000; the vendor is not registered for value added tax (VAT).
Carver Ltd would borrow the additional funds required from a UK bank. The building is let to a number of
commercial tenants who are not connected with Carver Ltd and will pay rent, in total, of ￡54,000 per calendar
quarter, in advance, commencing on 1 August 2007. The company’s expenditure for the period from 1 August
2007 to 31 December 2007 is expected to be:
￡
Loan interest payable to UK bank 16,000
Building maintenance costs 7,500
Share portfolio
Shares would be purchased for the amount of the proceeds from the sale of the business with no need for further
loan finance. It is estimated that the share portfolio would generate dividends of ￡36,000 and capital gains, after
indexation allowance, of ￡10,000 in the period from 1 August 2007 to 31 December 2007.
All figures are stated exclusive of value added tax (VAT).
Required:
(i) Taking account of the proposed sale of the business on 31 July 2007, state with reasons the date(s) on
which Carver Ltd must submit its corporation tax return(s) for the year ending 31 December 2007.
(2 marks)
Vostok Ltd. He also requires advice on the recoverability of input tax relating to the purchase of new premises.
The following information has been obtained from a meeting with Gagarin.
Vostok Ltd:
– An unquoted UK resident company.
– Gagarin owns 100% of the company’s ordinary share capital.
– Has 18 employees.
– Provides computer based services to commercial companies.
– Requires additional funds to finance its expansion.
Funds required by Vostok Ltd:
– Vostok Ltd needs to raise ￡420,000.
– Vostok Ltd will issue 20,000 shares at ￡21 per share on 31 August 2008.
– The new shareholder(s) will own 40% of the company.
– Part of the money raised will contribute towards the purchase of new premises for use by Vostok Ltd.
Gagarin’s initial thoughts:
– The minimum investment will be 5,000 shares and payment will be made in full on subscription.
– Gagarin has a number of wealthy business contacts who may be interested in investing.
– Gagarin has heard that it may be possible to obtain tax relief for up to 60% of the investment via the enterprise
investment scheme.
Wealthy business contacts:
– Are all UK resident higher rate taxpayers.
– May wish to borrow the funds to invest in Vostok Ltd if there is a tax incentive to do so.
New premises:
– Will cost ￡446,500 including value added tax (VAT).
– Will be used in connection with all aspects of Vostok Ltd’s business.
– Will be sold for ￡600,000 plus VAT in six years time.
– Vostok Ltd will waive the VAT exemption on the sale of the building.
The VAT position of Vostok Ltd:
– In the year ending 31 March 2009, 28% of Vostok Ltd’s supplies will be exempt for the purposes of VAT.
– This percentage is expected to reduce over the next few years.
– Irrecoverable input tax due to the company’s partially exempt status exceeds the de minimis limits.
Required:
(a) Prepare notes for Gagarin to use when speaking to potential investors. The notes should include:
(i) The tax incentives immediately available in respect of the amount invested in shares issued in
accordance with the enterprise investment scheme; (5 marks)
In talking about advertising, one should not think only in terms of a commercial on television, or an advertisement in the newspapers or periodicals. In its widest sense, advertising includes a host of other activities such as packaging, shop displays and—in the sense of communication—even the spoken word of the salesman. After ail, the resources of advertising are to be found in the market place.
For many years it was considered that it was enough to produce goods and supply services. It is only more recently that it has become increasingly understood that the manufacture of goods is a waste of resources unless those goods can be sold at a fair price within a reasonable time span. In the competitive society in which we live, it is important that we go out and sell what we have, and advertising plays an important role in this aspect, whether selling at home or in export markets.
About two percent of the UK gross national product is relied on advertising. But it must not be thought that this advertising tries to sell goods to consumers who do not want them. Certainly, advertising does try to attract the interest of the potential consumer, but if the article when purchased dries not match up to the standards that the advertising suggests that it will, it is obviously exceedingly unlikely that the article will sell well.
According to the text advertising is important to ______.
A．every potential consumer in the world
B．large countries in the world
C．people with a high standard of living
D．a large number of people in the world
根据以下内容回答题：
Traditionally．universities have carried out two main activities：research and teaching．Many expels would argue that both these activities play a critical role in serving the communi-ty．The fundamental question，however，is how does the community want or need to be served？
In recent years universities have been coming under increasing pressure from both the govemments and the public to ensure that they do not remain…ivory towers”(象牙之塔)of study separated from the realities of everyday life．University teachers have been encouraged，and in some cases compelled，to provide more courses which produce graduates with the techni-cal skills required for the commercial use．If Aristotle wanted to work in university in the uk today，he would have a good chance of teaching computer science but would not be so rea．Dily employable as a philosopher．
A post．industrial society requires large numbers of computer programmers，engineers，managers and technicians to maintain and develop its economic growth but“man”，as the Bible says，“does not live by bread alone．”Apart from requiring medical and social services，which do not directly contribute to economic growth，the society should also value and enjoy litera-ture．music and the arts．In these cost-conscious times，it has even been pointed out in justifi-cation for the funding of the arts that they can be useful money earners．A successful musical play，for instance，can contribute as much to the Gross National Product through tourist dollars as any other things．
We can know from the first paragraph that the author__________ ． 查看材料
A.believes traditional’universities have done a good job serving the community
B.believes it remains to be discussed how universities should meet the needs of society
C.thinks some experts require too much of universities
D.thinks universities should do more than just research and teaching
Nikau Ltd to develop a new product range, under the name ‘Project Sabal’. Nikau Ltd owns shares in a non-UK
resident company, Date Inc.
The following information has been extracted from client files and from a meeting with the Finance Director of Palm
plc.
Palm plc:
– Has more than 40 wholly owned subsidiaries such that all group companies pay corporation tax at 30%.
– All group companies prepare accounts to 31 March.
– Acquired Nikau Ltd on 1 November 2007 from Facet Ltd, an unrelated company.
Nikau Ltd:
– UK resident company that manufactures domestic electronic appliances for sale in the European Union (EU).
– Large enterprise for the purposes of the enhanced relief available for research and development expenditure.
– Trading losses brought forward as at 1 April 2007 of ￡195,700.
– Budgeted taxable trading profit of ￡360,000 for the year ending 31 March 2008 before taking account of ‘Project
Sabal’.
– Dividend income of ￡38,200 will be received in the year ending 31 March 2008 in respect of the shares in Date
Inc.
‘Project Sabal’:
– Development of a range of electronic appliances, for sale in North America.
– Project Sabal will represent a significant advance in the technology of domestic appliances.
– Nikau Ltd will spend ￡70,000 on staffing costs and consumables researching and developing the necessary
technology between now and 31 March 2008. Further costs will be incurred in the following year.
– Sales to North America will commence in 2009 and are expected to generate significant profits from that year.
Shares in Date Inc:
– Nikau Ltd owns 35% of the ordinary share capital of Date Inc.
– The shares were purchased from Facet Ltd on 1 June 2003 for their market value of ￡338,000.
– The sale was a no gain, no loss transfer for the purposes of corporation tax.
– Facet Ltd purchased the shares in Date Inc on 1 March 1994 for ￡137,000.
Date Inc:
– A controlled foreign company resident in the country of Palladia.
– Annual chargeable profits arising out of property investment activities are approximately ￡120,000, of which
approximately ￡115,000 is distributed to its shareholders each year.
The tax system in Palladia:
– No taxes on income or capital profits.
– 4% withholding tax on dividends paid to shareholders resident outside Palladia.
Required:
(a) Prepare detailed explanatory notes, including relevant supporting calculations, on the effect of the following
issues on the amount of corporation tax payable by Nikau Ltd for the year ending 31 March 2008.
(i) The costs of developing ‘Project Sabal’ and the significant commercial changes to the company’s
activities arising out of its implementation. (8 marks)
