大综合.docx

1. PAL1 PAL is short of provisional allotment letters. Management a correct problem with transfer means happen to shareholders. They are used in connection with a new problem by providing sales or provides subscription, when a new problems or rights problem, the release of details will how to subscribe to and payment by installment payment. George has received recently issued Belgravia area of the letter, it will confirm his money, give any further installments of details, and whether the ownership shares in documents before, the official certificate. split occurred in the allotment letter received by investors want: sell only part of the allotment(2) two or more people to give up his / her allotment, requiring the original to be split into two or more letters of allotment and split, including three types: take all, reject all, and take some. Because George has received letters of Belgravia with, so he can make some decisions, when he received the allotment letter, he can do the split, he can sell only a part of the allotment, or give away his allotted two or two or more people.2. Offer for SaleAs a whole, , there are four main methods of issuing shares. They are offer for subscription, offer for sale, introductions and placing. Offer for sale, fixed price or by tender, placing the most effective way to introduce was made, in the absence of new capital. Offer for subscription of the company issuing new shares directly to the public, which means that there are no intermediaries or agents. Offer for sale, is an indirect stock issuance, in an open fashion, it is through a proxy available to the public securities issued by a company, it should not be returned to consumers. Placing a cheaper route, placing the company will choose the method, because this is not a completely open approach, issue, the purpose of placing of new shares, there can limit the amount raised by way of placement. Not actually cash fund raising activities, but only brought into the market share has been held by the shareholders, this method is only applicable to the company already has a good spread of shareholders.There are two main ways to list new securities. Introductions merely bring the share already held by shareholders into the marketplace without any new shares rising. This is done to create goodwill with investors and so make it easier for companies to return to the market should they need to raise additional capital.There are two ways to ensure the price, they are: Tender Offer: under a tender offer, the potential purchasers are asked to divulge the number of shares they wish to buy and the price they are perpared to pay, the issuing house then receives their application forms which are ranked in order of the prices purchasers are prepared to pay. Fixed Price Offer: under a fixed price, the issuing house establishes a fair price for the securith, once the price has been arrived at, the offer is made to the public om the casis that potential purchasers state the number of shares they wish to buy at the fixed price.3. Chattels1 Examples of chattels: Chattels means those properties which are not belong to the surface of ground and can be moved freely, the chattels include: van, painting, materials, ladders, dustsheets, antiques, art work, jewellery, appanent, stamps, wins, wine, cup, china, cell phone, computer.2 Advantages and disadvantages of investing in chattels:Advantages: Taxationv need only be declared for taxation if the sale proceeds exceeds 6000, so if the sale of your vintage wines is all valued and sold for under 6000 then you will not be subject to any tax. Chattels are also allowed taper relief on taxation: that means the chargeable gain is reduced the longer you have owned it. Non-monetary gainthe pleasure gained from holding something of rarity or extreme beauty, this is completely subjective and intangible so is difficult to measure. Price can increasesome of the most spectacular gains can be made in types of investment, this can be the case for those who have held them for a long period of time as well as investors who are buying with the sole purpose of selling on for profit.Disadvantages: No regular income they produce no regular income, so any gain is capital gain only. Valuation in value would be difficult The price paid for an item is not a good indicator of its true value. Dealers will quote a wide variation in prices, and investors need to be sure to shop around to get a real idea of how much the asset is worth.Fluctions in value their value can flutuate wildly. Prices can be subject to fashion and this can make their values more volatile. Spotting a fake unless you are an expert in the area, some of these items are subject to forgery. A forgery can sometimes be an excellent replica, and investors must seek out a professional opinion before buying.Costs the cost include the transportation cost, insurance cost and security cost, the costs of dealing can be high and some chattels will carry the full 17.5 VAT. Dealer charges are higher than they are for other financial assets. In addition, due to their high value nature, insurance is needed to protect them. They might also require specialist storage and security. This adds to the costs of holding and must be taken into account when calculating any return. Risk, invest a fakeWe can buy some car insurance, pensions, health insurance4. Motor insurance As a whole, there are three types of insurance policy in UK：third party insurance, third party, fire and theft insurance, fully comprehensive insurance.1 From the covers of each type. Third party. It is the most basic level of motor insurance. Each policy will start off with it and build upon it. As a compulsory insurance, it including the following covers:a) Unlimited indemnity for death, bodily injury and property damage. b) Emergency medical treatment and hospital charges.c) Employers liability risk for the employees of the insured when travelling in the course of said employment.d) Claimants costs and claims handling costs.e) Minimum cover in other EU countries.f) Indemnity for accidents while the insured is driving a car or motor cycle that he/she does not own. g) Indemnity to anyone driving or using the vehicle by order of the insured or with their permission.h) Indemnity to the employers, partners or passengers of the insured, if held responsible for an accident.i) Legal costs to defend a claim j) Costs of up to 1,000 to defend a prosecution for manslaughter or death by dangerous or reckless driving. A third party, fire and theft policy, besides the available cover provided by third party, it includes the costs of repairs if the vehicle is damaged by the following aspects: fire, lighting and explosion; damaged whilst stolen or during an attempt to steal it; stolen and not recovered. For a comprehensive policy, the following items are added to the third party fire and theft policy if you have comprehensive cover: a) Accidental or malicious damage to the car belonging to the insured, along with recovery and redelivering costs. b) Personal accident benefits such as deaths, total loss or loss of sight in eyes, total loss of loss of use of limbs. c) Medical expenses for the insured or passenger. d) Cover for a limited number of days if used in EU or certain EU countries. e) A limited value of rugs, clothing or personal effects the loss caused by theft or accident. f) No claims discount g) Car shaing agreements.By the way, burst types or punctures, depreciation, loss of use, medical or electrical failure or breakdown, wear and tear are not covered by the comprehensive policy. 2 Those three kinds of policies are connected and each is developed upon the previous policy cover. Once the basic cover has been outlined, the two other types of cover will be described on a cumulative basis. From the price we can know that the third party, fire and theft insurance is the expensive one it provides more protection to policyholders and the insured can make more calmly to face the risk.As for Janie, I prefer to recommend her the comprehensive policy as she is a new driver who lacks of enough driving experiences to avoid the unexpected accident. So she will become a new driver, and dont have much driving experience. From this, i suggest the George and Ellen buy the fully comprehensive insurance for Janie.5. Considerations of partners impactGeorge and Joe as a partner of Siemens, and the two partners work together to complete the contract, although occasionally they will work in a smaller, but unfortunately, only Joe drive, which has not been the problem until recently, when Joe had a appendicitis, it cost him at work for three months. For the company, this is a very important issue, but if a partner has been out of work, then the contract work is not done well in these three months, George can only do some of the smaller operations, are cut a lot of companys revenue. For this, George can buy health insurance to solve this problem.George is in a steady income families need the most support for the economy. Georges wife, Ellen, she received wages of 22,000 per person per year, they have a daughter, so Georges income is very important, and his family, he must consider his responsibility.For the company, there are a number of other investment and expenditure exist, such as car insurance, medical insurance, so George must think about the loss of income.George is no pension provision, so he should give family members living in the long run, the accumulation of funds for retirement.6. FSS,MPSFinal salary scheme is one of the theoretical objectives of a pension scheme which is to provide a level of income based on earned income shortly before, or at, retirement. The tax-free lump sum or pension is based on a calculation of usually salary and bonuses. Money purchase scheme is a scheme that the benefits are based on the amounts of both employer and employee make to the scheme, the investment performance of these contributions.Ellen is new employer provides a money purchase scheme, so she cant distinguish which is not good to move to a new job between final salary scheme and money purchase scheme. The main differences are:a) In a final salary scheme, benefits are defined as a proportion of final salary. While for a money purchase scheme, benefits are purchased by the fund accumulated by the contributions invested.b) In a final salary scheme, the employer always contributes costs more than the employee contributions. While for a money purchase scheme, the employer contributions are constant.c) In a final salary scheme, benefits do not directly rest on investment returns or annuity rates. While for a money purchase scheme, benefits depend on the contributions invested, investment returns, and the rate of an annuity at retirement.d) In a final salary scheme, members who leave early often bear a loss because final salary is always reduced when early leave happened. While for a money purchase scheme, early leavers generally do not suffer a loss as their funds remain invested within the scheme.e) In a final salary scheme, benefits suit long-serving employees better because they have progressive increases in their final salary.While for a money purchase scheme, benefits suit short-serving employees or those whose pensionable pay fluctuates.f) Fundamental difference - the amount of pension benefits different.For the final salary scheme, the participants are ultimately determined by the treatment of pensions. For the money purchase scheme , participants pension benefits is the final variable.g) For the final salary scheme, the system sponsor to bear the investment risk. For the money purchase scheme, pension system is the time the individual life cycle, the system can be based on personal preferences during the choice of investment portfolio, but the industry to bear the investment riskh) For the final salary scheme, pension system for those who wage fluctuations, lower levels of pre-retirement wages of employees, the risk is very large. For the money purchase scheme, pension system, the level of pension income is directly dependent on the level of their annual pay, there is no wage fluctuations.i) For the final salary scheme, pension to provide a stable income replacement rate is relatively fixed. For the money purchase scheme, pension benefits depends on the level of investment earnings, the more unstable and unpredictablej) For the final salary scheme, pension system inconvenient to carry, is not conducive to change jobs and labor mobility. For the money purchase scheme, the individual contributions and investment income are all recorded in the personal accounts, pension benefits from the impact of changing jobs, making it easy to carry, is conducive to labor mobilityk) For the final salary scheme, pension system is embodied in a set of arrangements and investments, personal right to choose a small, lower management costs.For the money purchase scheme, individuals need to select portfolio, select the appropriate investment manager, management costs are high.7. EPP(1)An EPP is a variation of an Occupational Pension Scheme, it is the abbreviation of Executive Pension Plan which set up by the company in which the contributions build up in a tax exempt fund, and are used at retirement to provide tax free cash and pension. A correctly drafted EPP is a good way of reducing the amount of corporation tax that the company needs to pay, as the EPP contributions are tax deductible.(2)EPP is aimed at company executives: company directors, senior executives, people who own their own business and valued employees. The membership of EPPs tends to be those who are important to the success of a business and need not be restricted to directors, the partnerships and sole traders can participate in EPPs. The key employees will improve their own performance and will act as an example to others, cascading these new found skills and attitudes to their fellow colleagues, contributions to an EPP may be at a defined level but could be augmented on the basis of an individuals profit or performance.(3)The membership of EPPs tends to be those who are important to the success of a business and need not be restricted to directors, both partnerships and sole traders can participate in EPPs, such as: company directors, senior executives, people who own their own businesses, valued employees. And such groups of people will determine the conditions under which the EPPs operate.(4)Contributions to an EPP may be at a defined level but could be augmented on the basis of an individuals profit or performance, thus providing both motivation and reward. These key people will improve their own performance, act as an example to others, cascading these new found skills and attitudes to their fellow colleagues.Regular contribution: the Inland Revenue limits the level of contributions so that overfunding does not take place, the Inland Revenue determines the maximum level of contributions into an EPP and they insist upon at least three annual contributions prior to NRD to be regarded as regular, which allows a more timely tax relief, those that are not regarded as regular are defined as single contributions. It may take between 2 and 4 years to reclaim the tax, depending on the size of the contribution.8. FSAa) FSA is short of financial services authority. It is a designated agency under the Financial Services and Market Act 2000, a private limited company limited by a guarantee provided by the Treasury, responsible for ensuring that investor protection objectives set out in the Act are achieved. 1 The FSA