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Unit information: Taxation in 2015/16

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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

EFIM20007 Financial Accounting plus EFIM10010 Economic Principles 1

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; • VAT

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

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

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

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

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

9. Provide tax planning advice in areas including:

• income-splitting; • investment in plant and machinery; • the choice of business form; • loss relief

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

Teaching details

20 hours lectures for whole cohort

10 hours of exercise lecture for groups of no more than 50 students

10 one-hour tutorials for groups of no more than 15 students

Assessment Details

Summative assessment: Three-hour closed-book examination in the Summer examinations period: 100% Formative assessment: Twenty exercises (ten for tutorials, ten for exercise lectures) and associated tutorials contributions

Reading and References

Variable from year to year as Taxation legislation is updated. Indicative reading at time of unit proposal: • "Taxation Policy and Practice", Andy Lymer and Lynne Oats, Fiscal Publications, 20th edition 2013/14 • "Taxation: incorporating the 2013 Finance Act", Alan Combs, Stephanie Dixon and Peter Rowes, Fiscal Publications, 32nd edition 2013/14 • "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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