Taxation

Module description

Summary:
The taxation module enables students to understand the theory behind how tax policies are developed in the UK and elsewhere in the world including the relationship between policy, taxpayer behaviour and a country’s culture. The course focuses on the UK taxation rules so that students are able to calculate the main tax liabilities under UK tax policy, whilst encouraging students to question the success and inadequacies of UK tax policy.

Additional Information:

Internationalisation
This module discusses general tax principles and policies in the context of Asian and European countries, as well as in the UK.

Sustainability
Sustainability is covered in lectures on Environmental taxes and when discussing the use of short-term or long-term tax policies to sustain economic stability.
All of the resources are available on the ELE (Exeter Learning Environment).

External Engagement
This module is accredited by the following financial accounting bodies: ICAEW (Institute of Chartered Accountants in England and Wales), ACCA (Association of Chartered Certified Accountants), CIMA (Chartered Institute Management Accountants) and CIPFA (Chartered Instiute of Public Finance and Accountancy)

Employability
Students develop a number of valuable skills on this module, including time-management, research, critical thinking, analytical review, forming an argument, peer review, report writing, team-working, and creative design.

Full module specification

Module aims

The course has been designed to enable students to understand:
o How tax policies are set and react to changes in taxpayer behaviour and other forces;
o The cross over between tax and other disciplines: Law, Economics, Politics, Philosophy, Financial Reporting;
o The mechanics of how tax policy is administered and governed in the UK;
o How tax practitioners/accountants approach taxation with their clients; and
o The impact UK tax rules have on taxpayers of different types (e.g. corporate entities, individuals) both directly and indirectly

ILO: Module-specific skills

• 1. Analyse the economic and social impact of taxation policies in a global setting
• 2. Evaluate features of different forms of taxation in the UK.
• 3. Discuss the ethical issues facing tax practitioners
• 4. Compute tax liabilities under the current UK rules for income tax, capital gains tax, corporation tax and VAT
• 5. Evaluate environmental taxes and tax incentives used in the UK
• 6. Apply tax techniques in assimilated case studies to appreciate tax in the workplace environment

ILO: Discipline-specific skills

• 7. Identify and utilise a variety of sources of reference material, giving suitable acknowledgement and reference to sources, distinguishing between the relevance, reliability and potential bias of different sources.
• 8. Use analysis and critical thinking to evaluate arguments, assumptions, concepts and data, to make judgments, recommendations or to frame appropriate questions.
• 9. Identify key problems and then use relevant qualitative and quantitative information to solve them.
• 10. Confidently communicate both through formal group presentations and informal discussions with module peers and module leader.
• 11. Professionally present information in a variety of written formats aimed at different specialist and non-specialist audiences.
• 12. Undertake capital gains tax computations and incorporate the figures into the appropriate period for income and corporation tax computations
• 13. Calculate a company's corporation tax liability by reference to chargeable accounting periods and corporation tax financial years including adjustments for losses and group relief
• 14. Undertake capital gains tax computations including various reliefs, the special treatment of shares and the complications of the indexation allowance
• 15. Understand, in outline only, the principle elements of wealth tax in the UK, specifically inheritance tax and property taxes
• 16. Understand how value added tax works and be able to undertake simple computations of liability
• 17. Understand, in outline only, the principal effect upon business of VAT
• 18. Understand the types of environmental taxes and tax incentives used in the UK

ILO: Personal and key skills

• 12. Take group work responsibility by performing a variety of team roles and by dealing with group problems.
• 13. Identify the qualities and importance of constructive feedback, make use of these techniques to improve independent learning techniques and to enhance leadership skills.
• 14. Use/ develop efficient independent time planning to accommodate: self-study, assignment deadlines, group work and personal development.
• 15. Use group work with students from other countries as an opportunity to discover, first hand, information about business and working styles around the world.

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Three assessments are required for this module.  If you do not pass the module then:

•  Where you have been referred for the group report, you will complete an individual essay which will constitute 20% of the module.
• Where you have been referred in the 10% MCQ tests and/or 70% examination, you will have the opportunity to take a re-assessment in the form of an examination in the August/ September re-assessment period. This will constitute 80% of the module.

Syllabus plan

• Nature and forms of taxation, evaluating forms of taxation (not UK specific)
• Taxation, incentives and taxpayer behaviour (not UK specific)
• Development of the UK system
• Tax administration
• Income Tax for employees including benefits in kind
• Income tax for business including losses and apportionment of profits.
• Capital allowances
• Corporation Tax including losses and groups
• Capital Gains Tax
• Tax planning, avoidance and ethics
• VAT
• Environmental taxes
• Revision of tax computations

Indicative learning resources - Basic reading

Basic reading:

• Lymer, A. and Oats, L. (2017) Taxation Policy and Practice, 24^th edition, Birmingham: Fiscal Publications.
• Melville, A. (2017) Taxation: Finance Act, 2016, London: Pitman Publishing.
• ICAEW (2017) Professional Conduct in Relation to Tax, London: ICAEW.

Module has an active ELE page?

Yes

Indicative learning resources - Web based and electronic resources

You will have access to an online searchable and resources database, with links to several eBooks available on through the Exeter Learning Environment (ELE). Within this environment, you will also be supported through online discussion forums and activities.

Indicative learning resources - Other resources

• James, S. and Nobes, C. (2017)  The Economics of Taxation, 17th  edition, Birmingham: Fiscal Publications.
• Combs, A., Dixon, S. and Rowes, P. (2017) Taxation, Birmingham: Fiscal Publications.

Origin date

01/09/1997

Last revision date

19/04/2017