(c) (i) Explain the capital gains tax (CGT) implications of a takeover where the consideration is in the form. ofshares (a ‘paper for paper’ transaction) stating any conditions that need to be satisfied. (4 marks)
(c) (i) Explain the capital gains tax (CGT) implications of a takeover where the consideration is in the form. of
shares (a ‘paper for paper’ transaction) stating any conditions that need to be satisfied. (4 marks)
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(b) Assuming that Thai Curry Ltd claims relief for its trading loss against total profits under s.393A ICTA 1988,calculate the company’s corporation tax liability for the year ended 30 September 2005. (10 marks)
5 The International Accounting Standards Board (IASB) is currently in a joint project with the Accounting StandardsBoard (ASB) in the UK and the Financial Accounting Standards Board (FASB) in the USA in the area of reportingfinancial performance/comprehensive income. The main focus of the project is the development of a single statementof comprehensive income to replace the income statement and statement of changes in equity. The objective is toanalyse all income and expenses and categorise them in a way that increases users’ understanding of the results ofan entity and assists in forming expectations of future income and expenditure. There seems to be some consensusthat the performance statement should be divided into three components being the results of operating activities,financing and treasury activities, and other gains and losses.Required:(a) Describe the reasons why the three accounting standards boards have decided to cooperate and produce asingle statement of financial performance. (8 marks)
17 Which of the following statements are correct?(1) All non-current assets must be depreciated.(2) If goodwill is revalued, the revaluation surplus appears in the statement of changes in equity.(3) If a tangible non-current asset is revalued, all tangible assets of the same class should be revalued.(4) In a company’s published balance sheet, tangible assets and intangible assets must be shown separately.A 1 and 2B 2 and 3C 3 and 4D 1 and 4
Assume that the corporation tax rates for the financial year 2004 apply throughout.(b) Explain the corporation tax (CT) and value added tax (VAT) issues that Irroy should be aware of, if sheproceeds with her proposal for the Irish subsidiary, Green Limited. Your answer should clearly identify thosefactors which will determine whether or not Green Limited is considered UK resident or Irish resident andthe tax implications of each alternative situation.You need not repeat points that are common to each situation. (16 marks)
(ii) State the principal audit procedures to be performed on the consolidation schedule of the Rosie Group.(4 marks)