Health Care > EXAM > Summary LPC Notes BLP Revision Notes (High Distinction) 2023 (All)
Summary LPC Notes BLP Revision Notes (High Distinction) 2023
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PMM for allotment of shares - - Form SH01 in month (s.555(1)) If applicable File at Company House in 15 days - OR for granting director authority to allot (s.29(1)(e), s.30(1)) - SR for disapp... lication of pre-emption rights (s.29(1)(e), s.30(1)) - SR for removing cap on share... - SR for creating a new class of shares in AoS - copy of amended AoS in 15 days (s.26(1)) -If a person is appointed in BM 1 as directors and then he is to be allotted shares in BM 2, what does he need to do during BM 2? - - He needs to declare his interest in the allotment of shares under s.177(1) and he will not be counted in the quorum of the BM in relation to the allotment of shares to him (MA 14(1)) -What is a close company? - - The company has 1. 5 or fewer shareholders; or 2. any shareholders who are also directors and they together have more than 50% of the voting rights -What is the tax consequence if a director of a close company got a loan of £16,000 from the company? - - A close company needs to pay corporation tax at 25%, when it makes a loan to a person (unless the loan is less than £15,000 and that person doesn't have 5% of the share capital) Tax must be paid within 9 months and one day after the end of the accounting period Tax is repaid to the company if the loan is repaid, satisfied, written off or waived. When the loan is written off or waived, the recipient is deemed to have received a dividend and would need to account for income tax. -When a company is making a loan to a director, does OR is always required? - - No. OR is not required if the loan money doesn't exceed the limit set out in the s.204 or s.207 -How to calculate Total Income? - - -How to calculate Net Income? - - Net Income = Total Income - Charges on Income - Pension Contribution [Show More]
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