By Tom Rolfe
The 2007 variation of CIMA's legit studying platforms has been written along with the CIMA college to completely mirror what will be validated within the examination. up-to-date to include legislative and syllabus adjustments, the 2007 studying structures offer entire learn fabric for the may possibly and November 2007 checks. the hot version keeps the preferred loose-leaf layout and includes: * perform questions all through * entire revision part * subject summaries * advised studying articles from various journals * may well 2006 Q & A's CIMA legit studying structures are the single fabrics written and counseled by way of the CIMA college * The professional studying platforms are the single research fabrics counseled via CIMA * totally revised and up to date with new readngs and labored examples * Written via the Examiner and CIMA school * whole built-in package deal incorporating syllabus assistance, complete textual content, suggested articles, revision courses and wide query perform
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Additional resources for CIMA Learning System 2007 Financial Accounting and Tax Principles
Receivable Dividends received from foreign companies Any income not chargeable under another Schedule or Case Other items included in an entity’s total profit for corporation tax purposes: Capital gains Surpluses on disposal of intangible assets We will first consider income from a trade or business then capital gains. 2 Classification of income In computing an entity’s corporate income tax liability, the first step is to take the entity’s income statement and compute taxable profits. If the tax system uses a schedular system then separate figures for each category will need to be calculated by examining the entity’s income statement and allocating incomes and expenditures to each tax category.
A full imputation system is economically neutral between debt and equity finance. 3 Partial imputation system With systems using the partial imputation system only part of the underlying corporate income tax is passed to the shareholder as a tax credit. 4 Split rate systems Split rate systems of corporate income tax distinguish between distributed profits and retained profits and charge a lower rate of corporate income tax on distributed profits so as to avoid the double taxation of dividends. Applying the lower rate for distributed dividends can operate under an imputation or classical system.
1 DIRECT TAXES ON AN ENTITY’S PROFITS AND GAINS expenditure will be allowed (if any). There may be a separate rate of tax applicable to each schedule. In the UK corporation tax system, the main headings are referred to as ‘Schedules’, and some of the Schedules are divided into ‘Cases’. Each schedule/case has its own specific rules for calculating the taxable income. After the taxable income for each schedule/case has been calculated a total taxable income is prepared by adding all the schedule/case taxable incomes together.