ACCA/CAT考试题目下载5卷ACCA/CAT考试题目下载5卷 第1卷 (c) (i) Calculate Benny’s capital gains tax liability for 2023/07. (6 marks)正确答案： Additionally the directors wish to know how the provision for deferred taxation would be calculated in the followingsituations under IAS12 ‘Income Taxes’:(i) On 1 November 2023, the company had granted ten million share options worth $40 million subject to a twoyear vesting period. Local tax law allows a tax deduction at the exercise date of the intrinsic value of the options.The intrinsic value of the ten million share options at 31 October 2023 was $16 million and at 31 October 2023was $46 million. The increase in the share price in the year to 31 October 2023 could not be foreseen at31 October 2023. The options were exercised at 31 October 2023. The directors are unsure how to accountfor deferred taxation on this transaction for the years ended 31 October 2023 and 31 October 2023.(ii) Panel is leasing plant under a finance lease over a five year period. The asset was recorded at the present valueof the minimum lease payments of $12 million at the inception of the lease which was 1 November 2023. Theasset is depreciated on a straight line basis over the five years and has no residual value. The annual leasepayments are $3 million payable in arrears on 31 October and the effective interest rate is 8% per annum. Thedirectors have not leased an asset under a finance lease before and are unsure as to its treatment for deferredtaxation. The company can claim a tax deduction for the annual rental payment as the finance lease does notqualify for tax relief.(iii) A wholly owned overseas subsidiary, Pins, a limited liability company, sold goods costing $7 million to Panel on1 September 2023, and these goods had not been sold by Panel before the year end. Panel had paid $9 millionfor these goods. The directors do not understand how this transaction should be dealt with in the financialstatements of the subsidiary and the group for taxation purposes. Pins pays tax locally at 30%.(iv) Nails, a limited liability company, is a wholly owned subsidiary of Panel, and is a cash generating unit in its ownright. The value of the property, plant and equipment of Nails at 31 October 2023 was $6 million and purchasedgoodwill was $1 million before any impairment loss. The company had no other assets or liabilities. Animpairment loss of $1·8 million had occurred at 31 October 2023. The tax base of the property, plant andequipment of Nails was $4 million as at 31 October 2023. The directors wish to know how the impairment losswill affect the deferred tax provision for the year. Impairment losses are not an allowable expense for taxationpurposes.Assume a tax rate of 30%.Required:(b) Discuss, with suitable computations, how the situations (i) to (iv) above will impact on the accounting fordeferred tax under IAS12 ‘Income Taxes’ in the group financial statements of Panel. (16 marks)(The situations in (i) to (iv) above carry equal marks)正确答案：(b) (i) The tax deduction is based on the option’s intrinsic value which is the difference between the market price and exerciseprice of the share option. It is likely that a deferred tax asset will arise which represents the difference between the taxbase of the employee’s service received to date and the carrying amount which will effectively normally be zero.The recognition of the deferred tax asset should be dealt with on the following basis:(a) if the estimated or actual tax deduction is less than or equal to the cumulative recognised expense then theassociated tax benefits are recognised in the income statement(b) if the estimated or actual tax deduction exceeds the cumulative recognised compensation expense then the excesstax benefits are recognised directly in a separate component of equity.As regards the tax effects of the share options, in the year to 31 October 2023, the tax effect of the remuneration expensewill be in excess of the tax benefit.The company will have to estimate the amount of the tax benefit as it is based on the share price at 31 October 2023.The information available at 31 October 2023 indicates a tax benefit based on an intrinsic value of $16 million.As a result, the tax benefit of $2·4 million will be recognised within the deferred tax provision. At 31 October 2023,the options have been exercised. Tax receivable will be 30% x $46 million i.e. $13·8 million. The deferred tax assetof $2·4 million is no longer recognised as the tax benefit has crystallised at the date when the options were exercised.For a tax benefit to be recognised in the year to 31 October 2023, the provisions of IAS12 should be complied with asregards the recognition of a deferred tax asset.(ii) Plant acquired under a finance lease will be recorded as property, plant and equipment and a corresponding liability forthe obligati。