The aim of the module is to provide students with an understanding of the theoretical and practical aspects of the taxation of income and capital in the United Kingdom.

A    Knowledge and Understanding:

• describe why an effective taxation system is necessary.
• discuss the various factors that need to be considered when assessing the effectiveness of individual taxes.
• identify the basic features of the benefit system and discuss the relationship of that system with the taxation system as a means of relieving poverty.
• discuss methods of introducing progression into the tax system and their impact upon taxpayers' behaviour and government revenues.
• describe the principal rules relating to the assessment of income tax, including different categories of income, adjustment of profits, allowable and disallowable expenditure and capital allowances.
• distinguish between the taxation of individuals and corporate entities.
• discuss the justification for the taxation of capital gains and the principal CGT rules including available reliefs and exemptions.
• show a thorough knowledge of available reliefs and allowances for inheritance tax and display an understanding of the distinction between lifetime gifts and transfers upon death, and the significance of potentially exempt transfers.
• discuss the merits and disadvantages of indirect taxation generally with particular reference to Value Added Tax (VAT).
• understand the principal rules applying to the administration of VAT in the UK.
• discuss the importance of tax planning and demonstrate an understanding of the distinction between tax evasion and tax avoidance.

B    Intellectual Skills:

• synthesise and evaluate secondary financial data.
• solve problems, including the ability to manipulate financial and other numerical data..
• exercise powers of inquiry, logic, and critical analysis, interpretation and evaluation of arguments and evidence.
• sustain a critical argument in writing.

C    Discipline Specific Skills:

• apply the principal rules relating to the assessment of income tax, including different categories of income, adjustment of profits, allowable and disallowable expenditure and capital allowances by calculating total income for income tax purposes, together with the liability to taxation after applying available reliefs and allowances.
• calculate a company's corporation tax liability by reference to chargeable accounting periods and corporation tax financial years.
• prepare a basic capital gains tax computation
• undertake basic inheritance tax computations for individuals.
• undertake a simple calculation of VAT liability.
• identify some simple tax planning opportunities to demonstrate the distinction between tax evasion and tax avoidance.

D    Transferable Skills:

• communicate ideas, principles and theories effectively by oral and written means.
• exercise initiative, self-reliance and time management skills and work independently.
• appreciate alternative viewpoints.
• exercise numeracy, and problem solving skills.

The module will be delivered through a mix of large & small group face-to-face sessions, including, where relevant, supporting digital learning activities and/or recordings

The examinations contain a range of questions designed to cover the learning outcomes for the module and to test skill development.  Questions are set not only to test students’ knowledge and comprehension of the material covered but also to test their ability to apply that knowledge in particular contexts.  The examinations contain a balance between written and numerical questions.  The former test the ability to provide a reasoned, coherent and logical response to the question posed.  The latter test the understanding and application of theories and rules introduced by the module.  Thus students’ intellectual, written communication and reasoning skills are thus tested along with their numerical application skills in conjunction with the essential subject specific knowledge.

Income tax; corporation tax; tax planning; effective taxation; taxation of capital gains; national insurance contributions; the benefit system; low income relief and work incentives; commodity taxation; progressive taxation of income; taxation of capital transfers.