Aim
To develop knowledge and skills relating to the tax system as applicable to individuals, single companies, and groups of companies.
Main capabilities
On successful completion of this paper candidates should be able to:
A Explain the operation and scope of the tax system and the obligations of tax payers and/or their agents and the implications of non-compliance
B Explain and compute the income tax liabilities of individuals and the effect of national insurance contributions (NIC) on employees, employers and the self employed
C Explain and compute the chargeable gains arising on individuals
D Explain and compute the inheritance tax liabilities of individuals
E Explain and compute the corporation tax liabilities of individual companies and groups of companies
F Explain and compute the effects of value added tax on incorporated and unincorporated businesses
| 1 |
The overall function and purpose of taxation in a modern economy
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| 2 |
Principal sources of revenue law and practice
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| 3 |
The systems for self-assessment and the making of returns
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| 4 |
The time limits for the submission of information, claims and payment of tax, including payments on account
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| 5 |
The procedures relating to compliance checks, appeals and disputes
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| 6 |
Penalties for non-compliance
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| 7 |
The scope of income tax
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| 8 |
Income from employment
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| 9 |
Income from self-employment
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| 10 |
Property and investment income
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| 11 |
The comprehensive computation of taxable income and income tax liability
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| 12 |
National insurance contributions for employed and self-employed persons
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| 13 |
The use of exemptions and reliefs in deferring and minimising income tax liabilities
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| 14 |
The scope of the taxation of capital gains
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| 15 |
The basic principles of computing gains and losses
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| 16 |
Gains and losses on the disposal of movable and immovable property
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| 17 |
Gains and losses on the disposal of shares and securities
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| 18 |
The computation of capital gains tax
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| 19 |
The use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets
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| 20 |
The basic principles of computing transfers of value
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| 21 |
The liabilities arising on chargeable lifetime transfers and on the death of an individual
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| 22 |
The use of exemptions in deferring and minimising inheritance tax liabilities
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| 23 |
Payment of inheritance tax
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| 24 |
The scope of corporation tax
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| 25 |
ExTaxable total profits
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| 26 |
Chargeable gains for companies
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| 27 |
The comprehensive computation of corporation tax liability
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| 28 |
The effect of a group corporate structure for corporation tax purposes
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| 29 |
The VAT registration requirements
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| 30 |
The computation of VAT liabilities
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| 31 |
The effect of special schemes
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