Skip to main content

Unit information: Taxation in 2021/22

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 (EFIM10010) or Principles of Economics (EFIM10050) or The Economy (EFIM10026)

or EFIM10025 Economics 1 AND EFIM10027 Economics 2

Co-requisites

None

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

Description including Unit Aims

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 Information

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 Information

This unit will be assessed by 100% exam

Resources

If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM20012).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.

Feedback