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ACY3161ass3_1112_1st%28new%29-1

ACY3161ass3_1112_1st%28new%29-1 - THE CHINESE UNIVERSITY OF...

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THE CHINESE UNIVERSITY OF HONG KONG School of Accountancy ACY 3161 – Taxation (1 st Term, 2011-2012) Assignment 3 Due Date: October 31, 2011 (Monday) 4:00 p.m. Question 1 Mr. Adams is a UK resident working for Maples Inc. as senior project manager in UK. With effect from 1 April 2009, he was seconded to a joint venture company in Hong Kong, Data Ltd. as project manager for the period from 1 April 2009 to 31 March 2011. The negotiation of the secondment term was carried out in UK and the secondment contract was signed by Mr. Adams in UK and counter-signed by Data Ltd. in Hong Kong. Remuneration was paid by Data Ltd. into Mr. Adams' bank account in Hong Kong. In the year ended 31 March 2011, Mr. Adams had the following income and expenditure: (1) Data Ltd paid Mr. Adams an annual salary of $240,000 during the year ended 31 March 2011. He also received a bonus of $40,000 in the year from Data Ltd. (2) In addition, he was provided with a flat which was leased by Data Ltd at a monthly rent of $6,000. The company only charged Mr. Adams $1,000 per month as a deduction from his salary. (3) On 1 September 2010 Mr. Adams, pursuant to Data Ltd's staff share option scheme, acquired 10,000 shares in Neta Ltd. at the price of $8 per share (market value on the same day being $10 per share). The option was granted at no cost to Mr. Adams on 31 March 2009. Neta Ltd. is the holding company of
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