acca test book Advanced Taxation pot

PAGE 3

AIM

To ensure candidates can apply judgement

and technique in the provision of a range of

taxation services. In particular to equip

candidates with the ability to resolve

problems involving the computation of tax

liabilities, basic tax and financial planning

and which draw upon the interaction of a

wide range of taxes. The primary focus of

the paper will be based around taxation

issues.

OBJECTIVES

On completion of this paper candidates

should be able to:

• prepare computations for and advise

clients on issues relating to the tax

liabilities of individuals arising from

income receipts, capital disposals and

transfers of value

• prepare computations for and advise

clients on issues relating to the tax

liabilities of corporations arising from

income generation and capital disposals

• provide advice on minimising or

deferring tax liabilities for individuals or

corporations by using exemptions and/or

reliefs

• evaluate a corporation's and individual's

financial position with particular regard

to the importance of taxation in decision

making and to recommend appropriate

personal financial plans

and

• demonstrate the skills expected in Part 3.

Paper 3.2

Advanced Taxation

(United Kingdom)

POSITION OF THE PAPER IN THE

OVERALL SYLLABUS

This is the final tax paper and builds upon

the knowledge acquired in Paper 2.3

Business Taxation concerning the taxation of

businesses and employees. A thorough

understanding of the Paper 2.3 syllabus is

therefore considered requisite for Paper 3.2.

Candidates also need to understand formats

of accounts used for sole traders, partnerships

and companies from Paper 1.1 and also the

need to have an understanding of some of

the financial reporting standards from Paper

2.5. There is no substantial integration with

other papers in Part 3.

SYLLABUS CONTENT

1 Taxation of individuals

(a) Principles of income tax

(b) Income tax on income from land and

buildings

(c) Income tax on income from

Investment

(d) Income tax on income from

employment

(e) Income tax on income from self￾employment

(f) Capital gains tax

(g) Trusts

(h) Administration of income tax and

CGT

(i) Inheritance tax

(j) Overseas aspects of income tax,

capital gains tax, inheritance tax and

value added tax

(k) Value added tax

(l) National insurance contributions

(m) Stamp duty and stamp duty reserve

tax.

2 Taxation of corporate businesses

(a) Corporation tax on income and

chargeable gains of single companies

and groups of companies and consortia

trading in the UK and overseas

(b) Value added tax

(c) National insurance contributions

3.2 Advanced Taxation

2.3 Business Taxation