ADVANCED TAXATION

SHE Level 5
SCQF Credit Points 30.00
ECTS Credit Points 15.00
Module Code MMN426598
Module Leader Katrina Sutherland
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimester
  • A (September start)

Summary of Content

The module builds on and further develops key aspects of taxation introduced in earlier studies and extends the students' knowledge of the UK tax system, together with their ability to apply that knowledge to the issues commonly encountered by individuals and businesses, such that successful candidates should have the ability to interpret and analyse the information provided and communicate the outcomes in a manner appropriate to the intended audience.

Syllabus

Knowledge and understanding of the UK tax system through the study of more advanced topics within the taxes studied previously and the study of stamp taxes; Income and income tax liabilities in situations involving further overseas aspects and in relation to trusts, and the application of additional exemptions and reliefs, Chargeable gains and capital gains tax liabilities in situations involving further overseas aspects and in relation to closely related persons and trusts, and the application of additional exemptions and reliefs, Inheritance tax in situations involving further aspects of the scope of the tax and the calculation of the liabilities arising, the principles of valuation and the reliefs available, transfers of property to and from trusts, overseas aspects and further aspects of administration. Corporation tax liabilities in situations involving overseas and further group aspects and in relation to special types of company, and the application of additional exemptions and reliefs. Stamp taxes, Value added tax, tax administration and the UK tax system The impact of relevant taxes on various situations and courses of action, including the interaction of taxes; Taxes applicable to a given situation or course of action and their impact, alternative ways of achieving personal or business outcomes may lead to different tax consequences, taxation effects of the financial decisions made by businesses (corporate and unincorporated) and by individuals, tax advantages and/or disadvantages of alternative courses of action, statutory obligations imposed in a given situation, including any time limits for action and the implications of non-compliance. Minimising and/or deferring tax liabilities by the use of standard tax planning measures; Types of investment and other expenditure that will result in a reduction in tax liabilities for an individual and/or a business, Legitimate tax planning measures, by which the tax liabilities arising from a particular situation or course of action can be mitigated, The appropriateness of such investment, expenditure or measures, given a particular taxpayer's circumstances or stated objectives, The mitigation of tax in the manner recommended, by reference to numerical analysis and/or reasoned argument, ethical and professional issues arising from the giving of tax planning advice, current issues in taxation. Communicating with clients, HM Revenue and Customs and other professionals, communication of advice, recommendations and information in the required format, presentation of written information, in language appropriate to the purpose of the communication and the intended recipient, conclusions reached with relevant supporting computations, assumptions made or limitations in the analysis provided, together with any inadequacies in the information available and/or additional information required to provide a fuller analysis, other non-tax factors that should be considered.

Learning Outcomes

On successful completion of this module students should be able to:1. Apply further knowledge and understanding of the UK tax system through the study of more advanced topics within the taxes studied previously and the study of stamp taxes.2. Identify and evaluate the impact of relevant taxes on various situations and courses of action, including the interaction of taxes.3. Provide advice on minimising and/or deferring tax liabilities by the use of standard tax planning measures.4. Communicate with clients, HM Revenue and Customs and other professionals in an appropriate manner.

Teaching / Learning Strategy

The programme is focused on the development of both theoretical and practical taxation skills, and aims to engage students in analysis, research and discussion of contemporary, real life issues. The teaching and learning strategy aims to embed these attributes. All of the modules will be delivered on a campus-based and distance learning mode. For campus-based students, face to face contact involves four hours of class contact per week: normally a 2 hour lecture and 2 hour seminar. Lectures will be used to highlight the key issues in a specific topic and point the way towards relevant journal articles and other appropriate literature. Students will be then expected to prepare for following week's lectures on each topic by engaging in literature searches, undertaking relevant reading and preparing responses to questions. The lectures will adopt a variety of teaching styles including seminar style contributions such as group discussion to enhance intellectual, critical and analytical skills. For more applied topics, students will be required to attempt relevant problem or scenario based questions prior to the lectures taking place, providing the basis for deepening professional skills, knowledge and understanding. Module classes are conducted in workshop format providing a mix of tutor led, student led and group learning. Distance learning students access the same resources as on-campus. All students are provided with lecture slides, lecture notes and additional reading all of which is available online. GCU Learn is used in this way as a repository, to provide students with essential learning material. It is also used as a platform for student discussion around the weekly seminar topics. Using Padlet, wikis and blogs both on-campus and distance students will have the opportunity to engage with each other and discuss the weekly lecture topics online. In additional Collaborate Ultra is utilised to provide students with synchronous learning opportunities and provide more directed support throughout the module. Students are provided with formative and summative feedback via a variety of mechanisms. Feedback on coursework is provided within 3 working weeks of submission. At the end of the module, students will be provided with 12 hours of revision classes to prepare them for their ACCA 'strategic professional' exam. Students will undertake two courseworks which will be scenario-based and the requirements come from different areas of the syllabus. The question normally requires candidates to perform complex computations, evaluate and analyse information, discuss and assess various options, and make judgments, possibly based on explained and justified assumptions. The questions are substantive and analytically complex and require reasoned recommendations, to varying degrees. The courseworks have been designed to adequately prepare students for the ACCA exams.

Indicative Reading

Advanced Taxation (latest edition): Kaplan Publishing, London Melville, A. (latest edition) Taxation Finance Act 20XX Pitman Publishing Whitehouse, S, (latest edition), Revenue Law, Butterworths Tolley Combs, A., Dixon, S., and Rowes, P. (latest edition) Taxation incorporating the 20XX Finance Act Fiscal Publications Lymer, A. and Oats, L. (latest edition), Taxation Policy & Practice, Fiscal Publications

Transferrable Skills

On successful completion of the module students will have developed their oral and written communication skills, report writing skills, problem solving and analytical skills

Module Structure

Activity Total Hours
Assessment (FT) 40.00
Tutorials (FT) 12.00
Lectures (FT) 32.00
Independent Learning (FT) 184.00
Seminars (FT) 32.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 n/a 50.00 45% Computational and narrative scenario based questions
Course Work 02 n/a 50.00 45% Computational and narrative scenario based questions