MBM7642 - Taxation 1

Objectives:

On successful completion of the module, students will be able to:
Understand and analyse the functioning of the UK tax system, including principal sources of revenue law and practice and the function and purpose of taxation in a modern economy.
Compute taxable income and tax liability in relation to: Income Tax, Corporation Tax, Inheritance Tax, VAT and Tax on Chargeable gains.
Understand and analyse the obligations of Taxpayers and/or their agents in relation to the submission of data and payment of tax.
Understand and compute National Insurance Liability (Class 1,1A, 2 and 4).
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 contains an overview of taxation and provides an introduction to the study of taxation at Masters level – there are two major areas, Personal and Corporate Taxation. They are underpinned by a set of foundation taxation principles and include: the overall function and purpose of taxation in a modern economy - types of taxes, principal sources of revenue law and practice, tax avoidance and evasion. Taxation of income from employment, income from self-employment and property and investments. Computation of taxable income and income tax liability and use of exemptions and reliefs in deferring and minimising tax liabilities. Corporation tax, taxable total profits, computation of corporation tax, effect of group corporate structures for corporation tax purposes, corporate exemptions and reliefs.

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
Contact hours: 12
Intended group size: Whole cohort

Workshops Contact 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 will be granted on passing this module and MBM7652 Taxation 2.