(b) Mabel has two objectives when making the gifts to Bruce and Padma:(1) To pay no tax on any gift in her lifetime; and(2) To reduce the eventual liability to inheritance tax on her death.Advise Mabel which item to gift to Bruce and to Padma in order to
题目
(b) Mabel has two objectives when making the gifts to Bruce and Padma:
(1) To pay no tax on any gift in her lifetime; and
(2) To reduce the eventual liability to inheritance tax on her death.
Advise Mabel which item to gift to Bruce and to Padma in order to satisfy her objectives. Give reasons for
your advice.
Your advice should include a computation of the inheritance tax saved as a result of the two gifts, on the
assumption that Mabel dies on 30 June 2011. (10 marks)
相似考题
参考答案和解析
更多“(b) Mabel has two objectives when making the gifts to Bruce and Padma:(1) To pay no tax on any gift in her lifetime; and(2) To reduce the eventual liability to inheritance tax on her death.Advise Mabel which item to gift to Bruce and to Padma in order to ”相关问题
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第1题：
(b) Explain the capital gains tax (CGT) and inheritance tax (IHT) implications of Graeme gifting his remaining ‘T’
ordinary shares at their current value either:
(i) to his wife, Catherine; or
(ii) to his son, Barry.
Your answer should be supported by relevant calculations and clearly identify the availability and effect of
any reliefs (other than the CGT annual exemption) that might be used to reduce or defer any tax liabilities
arising. (9 marks)
正确答案：
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第2题：
(ii) State when the inheritance tax (IHT) calculated in (i) would be payable and by whom. (2 marks)
正确答案：
(ii) Inheritance tax administration
The tax on Debbie’s estate (personalty and realty) would be paid by the personal representatives, usually an executor.
Inheritance tax is due six months from the end of the month in which death occurred (31 December 2005) or the date
on which probate is obtained (if earlier). However, an instalment option is available for certain assets, which includes
land and buildings i.e. the residence whereby the tax can be paid in 10 equal annual instalments. -
第3题：
(c) Without changing the advice you have given in (b), or varying the terms of Luke’s will, explain how Mabel
could further reduce her eventual inheritance tax liability and quantify the tax saving that could be made.
(3 marks)
The increase in the retail prices index from April 1984 to April 1998 is 84%.
You should assume that the rates and allowances for the tax year 2005/06 will continue to apply for the
foreseeable future.
正确答案：
(c) Further advice
Mabel should consider delaying one of the gifts until after 1 May 2007 such that it is made more than seven years after the
gift to the discretionary trust. Both PETs would then be covered by the nil rate band resulting in a saving of inheritance tax
of ￡6,720 (from (b)).
Mabel should ensure that she uses her inheritance tax annual exemption of ￡3,000 every year by, say, making gifts of ￡1,500
each year to both Bruce and Padma. The effect of this will be to save inheritance tax of ￡1,200 (￡3,000 x 40%) every year. -
第4题：
(b) Calculate the inheritance tax (IHT) liability arising as a result of Christopher’s death. (11 marks)
正确答案：
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第5题：
(ii) Advise Andrew of the tax implications arising from the disposal of the 7% Government Stock, clearly
identifying the tax year in which any liability will arise and how it will be paid. (3 marks)
正确答案：
(ii) Government stock is an exempt asset for the purposes of capital gains tax, however, as Andrew’s holding has a nominal
value in excess of ￡5,000, a charge to income tax will arise under the accrued income scheme. This charge to income
tax will arise in 2005/06, being the tax year in which the next interest payment following disposal falls due (20 April
2005) and it will relate to the income accrued for the period 21 October 2004 to 14 March 2005 of ￡279 (145/182
x ￡350). As interest on Government Stock is paid gross (unless the holder applies to receive it net), the tax due of ￡112
(￡279 x 40%) will be collected via the self-assessment system and as the interest was an ongoing source of income
will be included within Andrew’s half yearly payments on account payable on 31 January and 31 July 2006. -
第6题：
(c) The inheritance tax payable by Adam in respect of the gift from his aunt. (4 marks)
Additional marks will be awarded for the appropriateness of the format and presentation of the memorandum and
the effectiveness with which the information is communicated. (2 marks)
Note: you should assume that the tax rates and allowances for the tax year 2006/07 will continue to apply for the
foreseeable future.
正确答案：
(c) Inheritance tax payable by Adam
The gift by AS’s aunt was a potentially exempt transfer. No tax will be due if she lives until 1 June 2014 (seven years after
the date of the gift).
The maximum possible liability, on the assumption that there are no annual exemptions or nil band available, is ￡35,216
(￡88,040 x 40%). This will only arise if AS’s aunt dies before 1 June 2010.
The maximum liability will be reduced by taper relief of 20% for every full year after 31 May 2010 for which AS’s aunt lives.
The liability will also be reduced if the chargeable transfers made by the aunt in the seven years prior to 1 June 2007 are
less than ￡285,000 or if the annual exemption for 2006/07 and/or 2007/08 is/are available. -
第7题：
5 Crusoe has contacted you following the death of his father, Noland. Crusoe has inherited the whole of his father’s
estate and is seeking advice on his father’s capital gains tax position and the payment of inheritance tax following his
death.
The following information has been extracted from client files and from telephone conversations with Crusoe.
Noland – personal information:
– Divorcee whose only other relatives are his sister, Avril, and two grandchildren.
– Died suddenly on 1 October 2007 without having made a will.
– Under the laws of intestacy, the whole of his estate passes to Crusoe.
Noland – income tax and capital gains tax:
– Has been a basic rate taxpayer since the tax year 2000/01.
– Sales of quoted shares resulted in:
– Chargeable gains of ￡7,100 and allowable losses of ￡17,800 in the tax year 2007/08.
– Chargeable gains of approximately ￡14,000 each tax year from 2000/01 to 2006/07.
– None of the shares were held for long enough to qualify for taper relief.
Noland – gifts made during lifetime:
– On 1 December 1999 Noland gave his house to Crusoe.
– Crusoe has allowed Noland to continue living in the house and has charged him rent of ￡120 per month
since 1 December 1999. The market rent for the house would be ￡740 per month.
– The house was worth ￡240,000 at the time of the gift and ￡310,000 on 1 October 2007.
– On 1 November 2004 Noland transferred quoted shares worth ￡232,000 to a discretionary trust for the benefit
of his grandchildren.
Noland – probate values of assets held at death: ￡
– Portfolio of quoted shares 370,000
Shares in Kurb Ltd 38,400
Chattels and cash 22,300
Domestic liabilities including income tax payable (1,900)
– It should be assumed that these values will not change for the foreseeable future.
Kurb Ltd:
– Unquoted trading company
– Noland purchased the shares on 1 December 2005.
Crusoe:
– Long-standing personal tax client of your firm.
– Married with two young children.
– Successful investment banker with very high net worth.
– Intends to gift the portfolio of quoted shares inherited from Noland to his aunt, Avril, who has very little personal
wealth.
Required:
(a) Prepare explanatory notes together with relevant supporting calculations in order to quantify the tax relief
potentially available in respect of Noland’s capital losses realised in 2007/08. (4 marks)
正确答案：
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第8题：
3 Spica, one of the director shareholders of Acrux Ltd, has been in dispute with the other shareholders over plans to
expand the company’s activities overseas. In order to resolve the position it has been agreed that Spica will sell her
shares back to the company. Once the purchase of her shares has taken place, the company intends to establish a
number of branches overseas and acquire a shareholding in a number of companies that are resident and trade in
overseas countries.
The following information has been obtained from client files and meetings with the parties involved.
Acrux Ltd:
– An unquoted UK resident company.
– Share capital consists of 50,000 ordinary shares issued at ￡1·90 per share in July 2000.
– None of the other shareholders has any connection with Spica.
The purchase of own shares:
– The company will purchase all of Spica’s shares for ￡8 per share.
– The transaction will take place by the end of 2008.
Spica:
– Purchased 8,000 shares in Acrux Ltd for ￡2 per share on 30 September 2003.
– Has no income in the tax year 2008/09.
– Has chargeable capital gains in the tax year 2008/09 of ￡3,800.
– Has houses in the UK and the country of Solaris and divides her time between them.
Investment in non-UK resident companies:
– Acrux Ltd will acquire between 15% and 20% of each of the non-UK resident companies.
– The companies will not be controlled foreign companies as the rates of tax in the overseas countries will be
between 23% and 42%.
– There may or may not be a double tax treaty between the UK and the overseas countries in which the companies
are resident. Where there is a treaty, it will be based on the OECD model treaty.
– None of the countries concerned levy withholding tax on dividends paid to UK companies.
– The directors of Acrux Ltd are concerned that the rate of tax suffered on the profits of the overseas companies
will be very high as they will be taxed in both the overseas country and in the UK.
Required:
(a) (i) Prepare detailed calculations to determine the most beneficial tax treatment of the payment Spica will
receive for her shares; (7 marks)
正确答案：
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第9题：
The above chart shows individual income tax in China. The tax free threshold is 3,500 RMB per month. The tax rates are divided into 7 brackets. The lowest rate is 3% for income between 3,501 and 5,000, while the highest rate is 45% for income over 80,000. Therefore, the higher our income is, the more tax we should pay. Tax, which can be used in public services such as education, road construction, public health and so on, is very important to our country. As we all know, tax makes up a great part of our country’s revenue, and the development of our country depends on it. From what has been discussed above, we can see that it is everyone’s legal duty to pay tax because taxes contribute to the country and create benefits for everyone. Those who try to evade taxation are sure to be punished. In short, paying tax is our responsibility to society.Decide if each of the following statements is TRUE (T) or FALSE (F).
1. The purpose of the passage is to help people know the tips how to pay less tax.()
2. According to the chart, if a person’s monthly is 3600 yuan, he doesn’t need to pay tax.()
3. How much income tax a person pays each month depends on how much his/her income is.()
4. The underlined word “evade” in the last paragraph means increase.()
5. Personal income taxes are included in a government’s revenue.()
参考答案：FFTFT
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第10题：
James died on 22 January 2015. He had made the following gifts during his lifetime:
(1) On 9 October 2007, a cash gift of ￡35,000 to a trust. No lifetime inheritance tax was payable in respect of this gift.
(2) On 14 May 2013, a cash gift of ￡420,000 to his daughter.
(3) On 2 August 2013, a gift of a property valued at ￡260,000 to a trust. No lifetime inheritance tax was payable in respect of this gift because it was covered by the nil rate band. By the time of James’ death on 22 January 2015, the property had increased in value to ￡310,000.
On 22 January 2015, James’ estate was valued at ￡870,000. Under the terms of his will, James left his entire estate to his children.
The nil rate band of James’ wife was fully utilised when she died ten years ago.
The nil rate band for the tax year 2007–08 is ￡300,000, and for the tax year 2013–14 it is ￡325,000.
Required:
(a) Calculate the inheritance tax which will be payable as a result of James’ death, and state who will be responsible for paying the tax. (6 marks)
(b) Explain why it might have been beneficial for inheritance tax purposes if James had left a portion of his estate to his grandchildren rather than to his children. (2 marks)
(c) Explain why it might be advantageous for inheritance tax purposes for a person to make lifetime gifts even when such gifts are made within seven years of death.
Notes:
1. Your answer should include a calculation of James’ inheritance tax saving from making the gift of property to the trust on 2 August 2013 rather than retaining the property until his death.
2. You are not expected to consider lifetime exemptions in this part of the question. (2 marks)
正确答案：(a) James – Inheritance tax arising on death
Lifetime transfers within seven years of death
The personal representatives of James’ estate will be responsible for paying the inheritance tax of ￡348,000.
Working – Available nil rate band
(b) Skipping a generation avoids a further charge to inheritance tax when the children die. Gifts will then only be taxed once before being inherited by the grandchildren, rather than twice.
(c) (1) Even if the donor does not survive for seven years, taper relief will reduce the amount of IHT payable after three years.
(2) The value of potentially exempt transfers and chargeable lifetime transfers are fixed at the time they are made.
(3) James therefore saved inheritance tax of ￡20,000 ((310,000 – 260,000) at 40%) by making the lifetime gift of property.
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第11题：
If one has failed to report his or her income tax for quite a few years, he or she may be put in prison.A.Right
B.Wrong
C.Not mentioned答案：A解析： -
第12题：
问答题Inheritance tax is a tax which many countries levy on the total taxable value of the estate of a deceased person. Inheritance tax is paid by the inheritor of the estate or by the person in charge of its assets. In most cases, if the estate is left to a charitable organization or a surviving spouse, no inheritance tax is due. In China, inheritance tax does not exist. Should inheritance tax be introduced to China? The controversy that has raged over levying inheritance tax in China currently shows little sign of abating. The following are opinions from both sides. Read the excerpt carefully and write your response in about 300 words, in which you should: 1. summarize briefly the opinions from both sides, and then 2. give your comment. Marks will be awarded for content relevance, content sufficiency, organization and language quality. Failure to follow the above instructions may result in a loss of marks. Opponents of inheritance tax typically refer to it as “death tax.” They argue first that concern over burdening their children with this tax may lead elderly to make unwise investment decisions late in life, and that it may also discourage entrepreneurship earlier in life. Opponents also claim that morally it should be only the choice of the person who earned the money what should be done with it, not the government. They see taxing wealth at death as a kind of forced income redistribution that goes against the market economy. Proponents of inheritance tax say that it helps prevent consolidation of wealth in the hands of a few powerful families and is a basic building block of the nation’s system of taxation. They also feel that inheriting large sums without tax undermines people’s motives to work hard in the future and, thus, undercuts the principles of the market economy, encouraging people to become idle and unproductive, which hurts the country overall.正确答案：
【参考范文】
Should Inheritance Tax be Introduced to China? An inheritance tax is a tax paid by a person who inherits money or property or a levy on the estate of a person who has died. Many countries have inheritance tax, while China does not. Whether China should levy inheritance tax has become a hot topic of discussion. Supporters hold that it helps prevent the wealth from being always in the hands of a few powerful families. Inheriting large sums without tax weakens people’s enthusiasm for work, encouraging people to become lazy and unproductive, which is not conducive to the whole country. However, opponents argue that this tax may result in unwise investment decisions late in life, and discourage entrepreneurship earlier in life. It is a kind of forced income redistribution, ignoring the right of people earned the money.
From my points of view, inheritance tax should not be introduced to China. Firstly, it is a violation of human rights. In any country that has recognized the private property rights, a person’s private property can be handled without violating others all a person likes. The inheritance tax violates the rights of the people to dispose of their property. Secondly, inheritance tax will encourage abnormal consumption, conspicuous consumption of rich people, further intensifying contradictions and conflicts among social members. It may stimulate the rich to spend their money excessively before death and lead to hostility to the rich. Thirdly, inheritance tax will reduce the enthusiasm of entrepreneurs, exacerbate capital flight, economic migration and impede investment and capital inflows, inhibiting economic development. It may drive wealthy people to move assets out of the country or emigrate in order to avoid the tax, resulting in capital loss and brain drain.
To summarize, inheritance tax might not be an effective enough tool to narrow income disparity. Therefore, other measures are needed if the government wants to ensure a more equitable distribution of wealth in society.解析：
【审题构思】
本题要求考生围绕是否应该征收遗产税这一话题展开讨论。文章可以支持也可以反对，只要言之有理即可。考生首先要总结材料中的观点，然后明确陈述自己的观点。接下来论证自己的观点，注意要分点列举，这样才能做到内容充实，条理清晰。最后总结全文，重申观点；也可进一步补充观点，深化主题。 -
第13题：
(c) Assuming that Joanne registers for value added tax (VAT) with effect from 1 April 2006:
(i) Calculate her income tax (IT) and capital gains tax (CGT) payable for the year of assessment 2005/06.
You are not required to calculate any national insurance liabilities in this sub-part. (6 marks)
正确答案：
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第14题：
(c) Advise Alan on the proposed disposal of the shares in Mobile Ltd. Your answer should include calculations
of the potential capital gain, and explain any options available to Alan to reduce this tax liability. (7 marks)
正确答案：
However, an exemption from corporation tax exists for any gain arising when a trading company (or member of a trading
group) sells the whole or any part of a substantial shareholding in another trading company.
A substantial shareholding is one where the investing company holds 10% of the ordinary share capital and is beneficially
entitled to at least 10% of the
(i) profits available for distribution to equity holders and
(ii) assets of the company available for distribution to equity holders on a winding up.
In meeting the 10% test, shares owned by a chargeable gains group may be amalgamated. The 10% test must have been
met for a continuous 12 month period during the 2 years preceding the disposal.
The companies making the disposals must have been trading companies (or members of a trading group) throughout the
12 month period, as well as at the date of disposal. In addition, they must also be trading companies (or members of a trading
group) immediately after the disposal.
The exemption is given automatically, and acts to deny losses as well as eliminate gains.
While Alantech Ltd has owned its holding in Mobile Ltd for 33 months, its ownership of the Boron holding has only lasted
for 10 months (at 1 June 2005) since Boron was acquired on 1 July 2004. Selling the shares in June 2005 will fail the
12 month test, and the gain will become chargeable.
It would be better for the companies to wait for a further month until July 2005 before selling the amalgamated shareholding.
By doing so, they will both be able to take advantage of the substantial shareholdings relief, thereby saving tax of ￡29,625
assuming a corporation tax rate of 19%. -
第15题：
(c) Outline the ways in which Arthur and Cindy can reduce their income tax liability by investing in unquoted
shares and recommend, with reasons, which form. of investment best suits their circumstances. You are not
required to discuss the qualifying conditions applicable to the investment vehicle recommended. (5 marks)
You should assume that the income tax rates and allowances for the tax year 2005/06 apply throughout this
question
正确答案：
(c) Reduction of income tax liability by investing in unquoted shares
The two forms of investment
Income tax relief is available for investments in venture capital trusts (VCTs) and enterprise investment scheme (EIS) shares.
A VCT is a quoted company that invests in shares in a number of unquoted trading companies. EIS shares are shares in
qualifying unquoted trading companies.
Recommendation
The most suitable investment for Arthur and Cindy is a VCT for the following reasons.
– An investment in a VCT is likely to be less risky than investing directly in EIS companies as the risk will be spread over
a greater number of companies.
– The tax deduction is 40% of the amount invested as opposed to 20% for EIS shares.
– Dividends from a VCT are not taxable whereas dividends on EIS shares are taxed in the normal way. -
第16题：
(ii) Calculate Paul’s tax liability if he exercises the share options in Memphis plc and subsequently sells the
shares in Memphis plc immediately, as proposed, and show how he may reduce this tax liability.
(4 marks)
正确答案：
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第17题：
1 Alvaro Pelorus is 47 years old and married to Maria. The couple have two children, Vito and Sophie, aged 22 and
19 years respectively. Alvaro and Maria have lived in the country of Koruba since 1982. On 1 July 2005 the family
moved to the UK to be near Alvaro’s father, Ray, who was very ill. Alvaro and Maria are UK resident, but not ordinarily
resident in the tax years 2005/06 and 2006/07. They are both domiciled in the country of Koruba.
On 1 February 2007 Ray Pelorus died. He was UK domiciled, having lived in the UK for the whole of his life. For the
purposes of inheritance tax, his death estate consisted of UK assets, valued at ￡870,000 after deduction of all
available reliefs, and a house in the country of Pacifica valued at ￡94,000. The executors of Ray’s estate have paid
Pacifican inheritance tax of ￡1,800 and legal fees of ￡7,700 in respect of the sale of the Pacifican house. Ray left
the whole of his estate to Alvaro.
Ray had made two gifts during his lifetime:
(i) 1 May 2003: He gave Alvaro 95 acres of farm land situated in the UK. The market value of the land was
￡245,000, although its agricultural value was only ￡120,000. Ray had acquired the land on
1 January 1996 and granted an agricultural tenancy on that date. Alvaro continues to own the
land as at today’s date and it is still subject to the agricultural tenancy.
(ii) 1 August 2005: He gave Alvaro 6,000 shares valued at ￡183,000 in Pinger Ltd, a UK resident trading
company. Gift relief was claimed in respect of this gift. Ray had acquired 14,000 shares in
Pinger Ltd on 1 April 1997 for ￡54,600.
You may assume that Alvaro is a higher rate taxpayer for the tax years 2005/06 and 2006/07. In 2006/07 he made
the following disposals of assets:
(i) On 1 July 2006 he sold the 6,000 shares in Pinger Ltd for ￡228,000.
(ii) On 1 September 2006 he sold 2,350 shares in Lapis Inc, a company resident in Koruba, for ￡8,270. Alvaro
had purchased 5,500 shares in the company on 1 September 2002 for ￡25,950.
(iii) On 1 December 2006 he transferred shares with a market value of ￡74,000 in Quad plc, a UK quoted company,
to a UK resident discretionary trust for the benefit of Vito and Sophie. Alvaro had purchased these shares on
1 January 2006 for ￡59,500.
Alvaro has not made any other transfers of value for the purposes of UK inheritance tax. He owns the family house
in the UK as well as shares in UK and Koruban companies and commercial rental property in the country of Koruba.
Maria has not made any transfers of value for the purposes of UK inheritance tax. Her only significant asset is the
family home in the country of Koruba.
Alvaro and his family expect to return to their home in the country of Koruba in October 2007 once Ray’s affairs have
been settled. There is no double taxation agreement between the UK and Koruba.
Required:
(a) Calculate the inheritance tax (IHT) payable as a result of the death of Ray Pelorus. Explain the availability
or otherwise of agricultural property relief and business property relief on the two lifetime gifts made by Ray.
(8 marks)
正确答案：
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第18题：
4 Coral is the owner and managing director of Reef Ltd. She is considering the manner in which she will make her first
pension contributions. In November 2007 she inherited her mother’s house in the country of Kalania.
The following information has been extracted from client files and from telephone conversations with Coral.
Coral:
– 1972 – Born in the country of Kalania. Her father, who died in 2002, was domiciled in Kalania.
– 1999 – Moved to the UK and has lived and worked here since then.
– 2001 – Subscribed for 100% of the ordinary share capital of Reef Ltd.
– Intends to sell Reef Ltd and return to live in the country of Kalania in 2012.
– No income apart from that received from Reef Ltd.
Reef Ltd:
– A UK resident company with annual profits chargeable to corporation tax of approximately ￡70,000.
– Four employees including Coral.
– Provides scuba diving lessons to members of the public.
Payments from Reef Ltd to Coral in 2007/08:
– Director’s fees of ￡460 per month.
– Dividends paid of ￡14,250 in June 2007 and ￡14,250 in September 2007.
Pension contributions:
– Coral has not so far made any pension contributions in the tax year 2007/08 but wishes to make gross pension
contributions of ￡9,000.
– The contributions are to be made by Reef Ltd or Coral or a combination of the two in such a way as to minimise
the total after tax cost.
– Any contributions made by Coral will be funded by an additional dividend from Reef Ltd.
House in the country of Kalania:
– Beachfront property with potential rental income of ￡550 per month after deduction of allowable expenditure.
– Coral will use it for holidays for two months each year.
The tax system in the country of Kalania:
– No capital gains tax or inheritance tax.
– Income tax at 8% on income arising in the country of Kalania.
– No double tax treaty with the UK.
Required:
(a) With the objective of minimising the total after tax cost, advise Coral as to whether the gross pension
contributions of ￡9,000 should be made:
– wholly by Reef Ltd; or
– by Coral to the extent that they are tax allowable with the balance made by Reef Ltd.
Your answer should include supporting calculations where necessary. (9 marks)
正确答案：
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第19题：
(b) State the immediate tax implications of the proposed gift of the share portfolio to Avril and identify an
alternative strategy that would achieve Crusoe’s objectives whilst avoiding a possible tax liability in the
future. State any deadline(s) in connection with your proposed strategy. (5 marks)
正确答案：
(b) Gift of the share portfolio to Avril
Inheritance tax
The gift would be a potentially exempt transfer at market value. No inheritance tax would be due at the time of the gift.
Capital gains tax
The gift would be a disposal by Crusoe deemed to be made at market value for the purposes of capital gains tax. No gain
would arise as the deemed proceeds will equal Crusoe’s base cost of probate value.
Stamp duty
There is no stamp duty on a gift of shares for no consideration.
Strategy to avoid a possible tax liability in the future
Crusoe should enter into a deed of variation directing the administrators to transfer the shares to Avril rather than to him. This
will not be regarded as a gift by Crusoe. Instead, provided the deed states that it is intended to be effective for inheritance tax
purposes, it will be as if Noland had left the shares to Avril in a will.
This strategy is more tax efficient than Crusoe gifting the shares to Avril as such a gift would be a potentially exempt transfer
and inheritance tax may be due if Crusoe were to die within seven years.
The deed of variation must be entered into by 1 October 2009, i.e. within two years of the date of Noland’s death. -
第20题：
(ii) Explain why Galileo is able to pay the inheritance tax due in instalments, state when the instalments are
due and identify any further issues relevant to Galileo relating to the payments. (3 marks)
正确答案：
(ii) Payment by instalments
The inheritance tax can be paid by instalments because Messier Ltd is an unquoted company controlled by Kepler at
the time of the gift and is still unquoted at the time of his death.
The tax is due in ten equal annual instalments starting on 30 November 2008.
Interest will be charged on any instalments paid late; otherwise the instalments will be interest free because Messier is
a trading company that does not deal in property or financial assets.
All of the outstanding inheritance tax will become payable if Galileo sells the shares in Messier Ltd.
Tutorial note
Candidates were also given credit for stating that payment by instalments is available because the shares represent at
least 10% of the company’s share capital and are valued at ￡20,000 or more. -
第21题：
A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT) and enterprise income tax (EIT). In 2014, the taxpayer was charged by the tax authority with committing an act of tax evasion in 2002.
Which of the following statements is correct?
A.The taxpayer must pay the additional taxes due, plus a late payment surcharge and a penalty
B.There is no need for the taxpayer to pay any additional taxes, late payment surcharge or penalty as the statute of limitation is ten years
C.The taxpayer must pay the additional taxes, but no late payment surcharge or penalty as the statute of limitation is ten years for late payment surcharge and penalties
D.The taxpayer must pay the additional taxes and a late payment surcharge but not a penalty as the statute of limitation is five years for penalties
正确答案：DPer Article 86 of the Tax Collection and Administrative Law, the statute of limitation for an administrative penalty on non-compliances is five years.
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第22题：
共用题干
第一篇
More Than a Ride to School
The National Education Association claims,"The school bus is a mirror of the community."They further add that,unfortunately,what appears on the exterior does not
always reflect the reality of a chosen community.They are right一sometimes it reflects
more!Just ask Liesl Denson.Riding the school bus has been more than a ride to school for
Liesl.
Bruce Hardy,school bus driver for Aithouse Bus Company has been Liesl's bus driver
since kindergarten,Last year when Liesl's family moved to Parkesburg,knowing her bus
went by her new residence,she requested to ride the same bus.
This year Liesl is a senior and will enjoy her last year riding the bus.She says,"It's
been a great ride so far!My bus driver is so cool and has always been a good friend and a
good listener.Sometimes when you're a child adults do not think that what you have to say
is important.Mr. Hardy always listens to what you have to say and makes you feel
important."Her friends Ashley Batista and Amanda Wolfe agree.
Bruce Hardy has been making Octorara students feel special since 1975.This year he
will celebrate 30 years working for Aithouse:Bus Company. Larry Aithouse , president of the
company, acknowledges Bruce Hardy's outstanding record: "You do not come by employees
like Bruce these days. He has never missed a day of work and has a perfect driving record.
He was recognized in 2000 by the Pennsylvania School Bus Association for driving 350, 000
accident free miles.Hardy's reputation is made further evident through the relationships he
has made with the students that ride his bus."
Althouse further adds,"Althouse Bus Company was established 70 years ago and has
been providing quality transportation ever since.My grandfather started the business with
one bus.Aithouse Bus Company is delighted to have the opportunity to bring distinctive and
safe service to our local school and community and looks forward to continuing to provide
quality service for many more years to come."
Three generations of business is not all the company has enjoyed.Thanks to drivers
like Bruce Hardy,they have been building relationships through generations.Liesi's mother
Carol also enjoys fond memories of riding Bruce Hardy's bus to the Octorara School District.Which of the following statements is NOT true of Bruce Hardy?
A: He is popular with his passengers.
B:He has never missed a day of work.
C: He is an impatient person.
D: He has driven 350,000 accident free miles.答案：C解析： -
第23题：
单选题Which vessel is the stand-on vessel when two vessels crossing in fog are NOT in sight of one another（）.AThe vessel which has the other on her own starboard side
BThe vessel which has the other on her own port side
CThe one which hears the other's fog signal first
DNeither vessel is the stand-on vessel
正确答案： B解析： 暂无解析