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