ADVANCED TAXATION - 2017/8

Module code: MAN3102

Module provider

Surrey Business School

Module Leader

MCCARTNEY J Mrs (SBS)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 6

JACs code

N330

Module cap (Maximum number of students)

N/A

Module Availability

Semester 2

Overall student workload

Independent Study Hours: 106

Tutorial Hours: 42

Assessment pattern

Assessment type Unit of assessment Weighting
Examination 2 HOUR EXAMINATION (CLOSED BOOK) 70
School-timetabled exam/test 1 HOUR CLASS TEST (CLOSED BOOK) 30

Alternative Assessment

Not applicable

Prerequisites / Co-requisites

MAN2105 (Introduction to Taxation) and MAN3081 (Company Financial Reporting) are pre-requisites for this module

Module overview

This module introduces students to the remaining types of taxes not covered in “Introduction to Taxation” and deals with the effect of a group corporate structure for corporation tax purposes.

Module aims

Further students knowledge of Corporation Tax

Further students knowledge of Capital Gains Tax

Introduce Value Added Tax

Introduce Inheritance Tax

Introduce Coprporation Tax for groups of companies

Learning outcomes

Attributes Developed
Explain & compute the inheritance tax liabilities of individuals KCPT
Explain & compute the effects of value added tax on incorporated and unincorporated businesses KCPT
Explain & compute the corporation tax liabilities for groups of companies KCPT
Explain the operation and scope of the tax system KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:


The scope of Inheritance tax, the basic principles of computing transfers of value. The liabilities arising on chargeable lifetime transfers and on the death of an individual. The use of exemptions in deferring and minimising inheritance tax liabilities.
Computing assessable business income: Opening and closing year rules for unincorporated businesses. Partnerships assessable profits for each partner and loss relief claims.
Further Income tax issues: taxation of property income, pension schemes and providing for retirement
Further chargeable gains issues:  transfers between spouses, principal private residence exemption, letting relief, entrepreneur’s relief, rollover relief, holdover relief and incorporation relief.
The scope of value added tax, VAT registration requirements, computation of VAT liabilities and the effect of special schemes.
Corporation tax for groups of companies, group losses and the effect of a change in the company’s ownership on the use of its losses.

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

Give students the opportunity to gain an understanding of the relevant legislation, business practices, and issues surrounding business and individual taxation.

The learning and teaching methods include:


Compulsory weekly 2 hour tutorials to illustrate theory and allow students an opportunity to practice the practical application of the theory.
Optional weekly 2 hour drop-in sessions. Where students can raise any issues they have had with the current weeks guided study exercises.
Tutorial Material will be supported by weekly directed reading and weekly guided study exercises
Surreylearn will be used as an information portal containing tutorial slides, tutorial exercises, guided study exercises and model answers.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of the legislation and its practical application. Having successfully completed “Introduction to Taxation” students will already be competent in calculating straightforward tax liabilities. Throughout this module the tax computations will become increasingly complex as more content is introduced. Students will learn, by practical exercises, how to approach these more complex computations in tutorial. Ensuring they are fully prepared for the class test and final examination.

Thus, the summative assessment for this module consists of:


A One Hour Class Test (30%) usually in week 6
A Two Hour Final Examination (70%) during the examination period.


Formative assessment and feedback

The class test will be marked by the Module co-ordinator, marks are usually returned to the students in the week following the class test. In the week following the class test the module co-ordinator posts the class test, results and model answers on Surreylearn with general feedback on how the cohort has performed.

The weekly drop-in session is used to provide individual feedback to students. Explaining how they could have moved from the mark attained to 100%. This feedback will help the student prepare for final examination. This feedback is both formative and summative.

Both the class test and final exam have detailed marking schemes that take into account process and ensure consistent marking where there is more than one module tutor.

The tutorial questions, guided study and class tests are mostly pitched at examination level and feedback on these will enable students to assess their learning and prepare for the final exam.

Reading list

Reading list for ADVANCED TAXATION : http://aspire.surrey.ac.uk/modules/man3102

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Accounting and Finance BSc (Hons) 2 Optional A weighted aggregate mark of 40% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.