This module aims to provide students with a good working knowledge of Capital Gains Tax, Value Added Tax, Corporation Tax and Local property Tax. It aims to provide students with the ability to compute an individual’s, and company’s liability to Capital Gains Tax, an individual's liability to Local Property Tax, liability of a business to Value Added Tax and a company's liability to Corporation Tax.
Capital allowances
Definition of plant for capital allowances purposes. Calculation of wear & tear allowances and balancing allowances and balancing charges.Calculation of Industrial Buildings writing down allowance.
Value Added Tax
Value Added Tax principles, legislation and administrative rules relating to obligation/option to register and de-register and obligation to maintain records, definitions of taxable goods and services, taxable persons and the treatment of Intra-EU imports, exports and self-supplies. Place of supply rules for goods and services. Different basis for accounting for VAT e.g. cash basis. Two-thirds rule, composite and multiple supplies and VAT schemes.
Capital Gains Tax
Capital Gains Tax, definitions of chargeable gains, disposals and chargeable persons, the method of computation including indexation, losses and withholding tax. The calculation of chargeable gains as they arise from gifts and part disposals. Disposal of shares, and securities. Disposals of development land, chattels and business assets. Principal private residence relief.
Corporation Tax
Corporation tax computations and administrative procedures under Self Assessment, treatment of chargeable gains, capital allowances, losses, charges reliefs. Requirement to deduct Dividend Withholding Tax and calculation and payment of same.
Local property Tax
Liability to local property tax (LPT). Exemptions. Payment dates and return filing dates.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |