AC5007 - Key Principles of Taxation (2020/21)
| Module specification | Module approved to run in 2020/21 | ||||||||||||||||
| Module status | DELETED (This module is no longer running) | ||||||||||||||||
| Module title | Key Principles of Taxation | ||||||||||||||||
| Module level | Intermediate (05) | ||||||||||||||||
| Credit rating for module | 30 | ||||||||||||||||
| School | Guildhall School of Business and Law | ||||||||||||||||
| Total study hours | 300 | ||||||||||||||||
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| Assessment components |
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| Running in 2020/21(Please note that module timeslots are subject to change) |
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Module summary
The module is Level 5, 30 credit core module.
Module Aims:
1. To learn key features of different forms of taxation in the UK.
2. To assess the impacts of different tax policies
3. To develop skills in tax computations based on the current Finance Act
4. To introduce key concepts in effective tax planning
The module also aims to develop students in the following skills:
Academic reading and writing
Analysing data
Research
Application of knowledge and presenting data
Syllabus
1. Introduction to the UK tax system LO1
2. Income tax computations for taxpayers in a variety of circumstances LO3
3. Trading income, including basis periods, trading losses and capital allowances LO3
4. Partnership taxation (basis periods and notional losses) LO3
5. Income and benefits in kind from employment and NIC (employed and self employed contributions) LO1/LO2
6. Income from property LO1/LO3
7. Capital gains tax for individuals LO2/LO3/LO4
8. Corporation tax computations, loss relief, group relief, and capital gains tax. LO2/LO3/LO4
9. Value added tax
10. Consideration of Incorporation as part of tax planning for small businesses
11. Inheritance taxation issues
Balance of independent study and scheduled teaching activity
Teaching will take the form of a weekly one and a half hour lecture and one and a half hour seminar. The lecture will provide the key principles behind taxation, an evaluation of different forms of taxation and application of UK tax rules through guided examples.
The seminar programme will run through question banks to develop students computational skills and apply understanding to personal and business taxation scenarios. Independent study is supported through further problem sets, set reading and past exam questions.
Learning outcomes
On completing the module students will be able to:
1. Evaluate key features of UK personal and business taxation
2. Critically analyse the economic and social impact of taxation policies
3. Compute and interpret tax liabilities under current UK rules for income tax, capital gains tax, corporation tax, inheritance tax and VAT
4. Explore tax planning opportunities and relate them to personal tax circumstances
Assessment strategy
Assessment consists of 3 components:
1) 2 x 1 hour in-class tests, consisting of multiple choice questions and short answer questions (20%)
2) Case study based on a given scenario, 1000 words (20%)
3) 3 hour closed book examination (60%)
The 3 hour exam is required in order to obtain exemptions from the professional bodies exam (ACCA, CIMA and ICAEW)
Bibliography
Textbooks:
Essential texts:
• Melville, A. Taxation, (Current Finance Act); Pearson
• James, S. and Nobes ,C. (2017) The Economics of Taxation; 17th edition, Fiscal Publications.
Other texts:
• Jones, C. Newman, R. and Hayes, C. Tolley’s Tax Guide (Current Finance Act)
Websites:
• HMRC: www.hmrc.gov.uk
• Taxation Magazine: www.taxation.co.uk