TAXATION (TX) - UK

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             Syllabus

• Explain the operation and scope of the tax system and the obligations of taxpayers and/or their agents and the implications of non-compliance.  
• Explain and compute the income tax liabilities of individuals and the effect of national insurance contributions (NIC) on employees, employers and the self-employed. 
• Explain and compute the chargeable gains arising on individuals. 
• Explain and compute the inheritance tax liabilities of individuals. 
• Explain and compute the corporation tax liabilities of individual companies and groups of companies.  
• Explain and compute the effects of value added tax on incorporated and unincorporated businesses. 
• Demonstrate employability and technology skills.
   

              Core Areas

• The UK tax system and its administration 
• Income tax and NIC liabilities 
• Chargeable gains for individuals 
• Inheritance tax 
• Corporation tax liabilities 
• Value added tax (VAT)

               Examinability

• The syllabus is assessed by a three-hour computer-based examination. 
• All questions are compulsory. The exam will contain both computational and discursive elements. 
• Some questions will adopt a scenario/case study approach. 
• SECTION A comprises 15 objective test questions (OTQs) of 2 marks each. 
• SECTION B  comprises 3 objective test cases (OT cases), each of which includes 5 OTQs of 2 marks each. 
• SECTION C  comprises 1 10-mark and 2 15-mark constructed response (CR) questions. 
• The 2 15-mark questions in Section C will focus on Income Tax and Corporation Tax.
• The Section A  OTQs, Section B case OTQs and Section C constructed response (CR) question can cover any areas of the syllabus.