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Unit information: Taxation in 2020/21

Unit name Taxation
Unit code EFIM20012
Credit points 20
Level of study I/5
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Mr. Ricky Tutin
Open unit status Not open
Pre-requisites

Fundamentals of Accounting and Finance 1 (EFIM10005) or Introduction to Accounting (ACCG10052)

PLUS Economic Principles 1 (EFIM10010) or Principles of Economics (EFIM10050) or The Economy (EFIM10026)

Co-requisites

None

School/department School of Accounting and Finance
Faculty Faculty of Social Sciences and Law

Description

A theoretical approach to the practical underpinnings of taxation will be adopted which will have significance to both international and domestic students.

The unit considers the economic consequences and desirable features of a taxation system, explores the approaches adopted in the UK for taxation of personal income, corporate income and capital transactions and explores tax planning opportunities.

Intended learning outcomes

1. Use economic theory to explain the consequences of taxation on decision-making;

2. Compare and contrast the effect on work effort of: a poll tax; a proportional income tax; a progressive income tax;

3. Explain and apply the requirements of UK tax legislation in the areas of: Income Tax; National Insurance; Capital Gains Tax; Corporation Tax; Inheritance Tax; VAT;

4. Calculate the UK income tax, national insurance contributions and Capital Gains Tax payable by individuals;

5. Calculate the Inheritance Tax payable by estates and individuals in respect of death estates, Chargeable Lifetime Transfers and Potentially Exempt Transfers;

6. Calculate the UK Corporation Tax payable by companies and branches;

7. Compare and contrast the tax treatment of earned income, savings income and dividend income;

8. Compare and contrast the tax treatment of employees, sole traders and companies;

9. Explain and apply the various reliefs available against Capital Gains Tax / chargeable gains;

10. Provide tax planning advice in areas including: income-splitting; investment in plant and machinery; the choice of business form; loss relief; inheritance; VAT schemes;

11. Evaluate the current UK taxation regime and proposals for change, including the proposals arising from the Mirrlees Review (2010).

Teaching details

Teaching will be delivered through a combination of synchronous and asynchronous sessions including lectures, tutorials, drop-in sessions, discussion boards and other online learning opportunities

Assessment Details

This unit will be assessed by 100% exam

Reading and References

Variable from year to year as Taxation legislation is updated. Indicative reading:

• "Taxation Policy and Practice", Andy Lymer and Lynne Oats, Fiscal Publications, 24th edition 2017/18

• "Taxation: incorporating the 2017 Finance Act", Alan Combs, Ricky Tutin and Peter Rowes, Fiscal Publications, 36th edition 2017/18

• "Dimensions of Tax Design: the Mirrlees Review", J. Mirrlees, S. Adam, T. Besley, R. Blundell, S. Bond, R. Chote, M. Gammie, P. Johnson, G. Myles and J. Poterba (eds), ISBN: 978-0-19-955375-4, Oxford University Press: April 2010

• "Tax by Design: the Mirrlees Review", J. Mirrlees, S. Adam, T. Besley, R. Blundell, S. Bond, R. Chote, M. Gammie, P. Johnson, G. Myles and J. Poterba, ISBN: 978-0-19-955374-7, Oxford University Press: September 2011.

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