Programme of Study Catalogue

Objectives:

On successful completion of the module, students will be able to:
Critically evaluate and apply principles of individual and corporate liability, assessment and returns (wih a reference to legal, business ethics and economic context).
Compute taxable income and tax liability in relation to: Income Tax, Corporation Tax, Inheritance Tax, VAT and Tax on Chargeable Gains.
Understand, apply and resolve complex multi-agency computations and final liability disclosure.
Understand and compute National Insurance Liability (Class 1, 1A, 2 and 4).
Critically evaluate and apply the use of exemptions and reliefs in deferring and minimising tax liabilities and understand the difference between tax avoidance and tax evasion.

Content:

This module covers the study of taxation at advanced level, including applied Personal and Corporate Taxation. Following the introduction to taxation (MBF 7212 Principles of Taxation) and its relationship with financial reporting, there is in-depth study of tax on chargeable gains, computation of chargeable gains and tax on gains and losses on disposal (property and securities), inheritance tax and National Insurance, as well as investigation of VAT and computation of liabilities and effect of special schemes (including the UK and international business context). Obligations (legal, business ethics, corporate social responsibility) of tax payers and/or their agents, time limits for submission of information, claims and payments of tax, procedures relating to compliance checks, appeals and disputes are also covered within the module.

Learning and Teaching Information:

The sessions will be organised in mainly 2.5-hour teaching blocks. Lectures will deliver core theoretical frameworks, followed by seminar discussions and workshops.

Lectures
Hours: 12
Intended Group size: Whole cohort

Seminars/workshops
Hours: 12
Intended Group size: Groups 6-8

Guided independent study
Hours: 176

Further details relating to assessment
In cases of failure, students will have to re-sit. ACCA examination exemption (subject to approval) will be granted on passing this module and MBF 7212 Principles of Taxation.