ATX ^UK Textbook Syllabus

Changes in FA22

1. The 4 Professional Skills

A1a. The scope of income tax

1. A1a. The residence of an individual

A1a. Income from employment

1. A1a. The factors - employment or self-employment
2. A1a. Basis of assessment for employment income
3. A1a. Income assessable
4. A1a. Allowable deductions
5. A1a. PAYE System
6. A1a. The authorised mileage allowances
7. A1a. Use and gift benefit
8. A1a. Living accomodation
9. A1a. Motor cars, Vans and private fuel benefit
10. A1a. Beneficial loan benefit
11. A1a. Other benefits
12. A1a. RTI Reporting

A1a. Income from self-employment

1. A1a. Basis of assessment for self employment income
2. A1a. Badges of trade
3. A1a. Allowable expenditure
4. A1a. Cash Basis for Small Business
5. A1a. Relief for pre-trading expenditure
6. A1a. Assessable profits on commencement
7. A1a. Assessable profits on cessation
8. A1a. Capital allowances
9. A1a. Relief for trading losses
10. A1a. Partnerships and limited liability partnerships

A1a. Property and investment income

1. A1a. Computation of property business profits
2. A1a. Furnished holiday lettings
3. A1a. Rent a room relief
4. A1a. Premiums granted for short leases
5. A1a. Property income finance costs
6. A1a. Property business loss relief
7. A1a. Tax payable on savings and dividend income/Income tax computation/Income tax payable
8. A1a. Savings income starting rate band
9. A1a. Individual Savings Accounts and other tax exempt investments

A1a. The comprehensive computation of taxable income and income tax liability

1. A1a. Personal allowance
2. A1a. Transferable Personal Allowance
3. A1a. Qualifying loans
4. A1a. Gift aid donations

A1a. National insurance contributions for employed and self-employed persons

1. A1a. NICs
2. A1a. Class 1 and 1A NIC
3. A1a. Class 2 and 4 NIC
4. A1a. The annual employment allowance

A1a. The use of exemptions and reliefs in deferring and minimising income tax liabilities

1. A1a. Pensions
2. A1a/A1ei. Basic income tax planning
   9:29

A1b. The Scope of Income Tax

1. A1bi/ii. Residence and Domicile for Income Tax
2. A1biii. Coming to and leaving the UK
3. A1biv/vi. OECD Model and Double Taxation Relief

A1c. Income from employment

1. A1ci. Share option/Share incentive schemes
2. A1cii. Lump sum receipts
3. A1civ/A4vvi. Personal Service Companies

A1d. Income from self employment

1. A1di. Choice of accounting date
2. A1dii. Transfer of a business to a company
   5:35
3. A1div/A4ei. Related companies - Annual Investment Allowance

A1e. Property and investment income

1. A1ei. Jointly owned property by a married couple/civil partners
2. A1eii. Savings income paid net of tax
3. A1eiii. Income tax position of trusts

A1f. Income tax computation and income tax liability

1. A1fi. Allocation of the personal allowance
2. A1fii. Tax position of minor children
   2:19

A1g. Exemptions and Reliefs for I.T.

1. A1gi/C1-4. EIS and SEIS Investment Relief
2. A1gii. VCT Investment Relief

Income tax - In the exam

1. A1. In the exam

A2a. The scope of the taxation of capital gains

1. A2a. The scope of capital gains tax
2. A2a. Assets which are exempt

A2a. The basic principles of computing gains and losses

1. A2a. The treatment of capital gains
2. A2a. The treatment of capital losses
3. A2a. Allowable expenditure on a part disposal

A2a. Gains and losses on the disposal of movable and immovable property

1. A2a. Chattels and wasting assets
2. A2a. Principal private residence relief

A2a. Gains and losses on the disposal of shares and securities

1. A2a. Gift of quoted shares
2. A2a. Share matching rules for individuals
3. A2a. Exemptions available for gilt-edged securities and qualifying corporate bonds

A2a. The use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets

1. A2a. Entrepreneurs' relief
   7:01
2. A2a. Investors Relief
3. A2a. Rollover relief
4. A2a. Holdover relief
   7:01
5. A2a. Capital gains tax planning
   5:08

A2b. The scope of CGT

1. A2bi. Transfers between husband and wife or civil partners
2. A2bii/iii. Residence, Domicile and Deemed Domicile for CGT
3. A2biv. Double tax relief
4. A2bv. Temporary Absence
5. A2bvi. UK Located Land and Buildings
6. A2bvii. Partnership Disposals

A2c. Trusts

1. A2ci/ii. Capital gains tax and trusts

A2d. Principles of computing gains and losses

1. A2di. Connected Persons
2. A2dii. Date of disposal
3. A2diii. Capital losses in tax year of death

A2e. Disposal of movable and immovable property

1. A2ei. Small part disposals of land
2. A2eii. Disposal of wasting assets
3. A2eiii. Insurance proceeds received for a damaged/lost/destroyed asset.
4. A2eiv. Negligible Value Claims

A2f. Disposals of shares and securities

1. A2fi. Part disposal rules for rights issues
2. A2fii. Qualifying Corporate Bonds
3. A2fiii. Bonus issues, rights issues, takeovers and reorganisations
4. A2fiv. Loss on sale of shares of unquoted company

A2g. Exemptions and Reliefs for C.G.T.

1. A2gi. EIS Reinvestment Relief
   1:43
2. A2gii. SEIS Reinvestment Relief
   1:43
3. A2giii. Associated disposals for Entrepreneurs’ Relief / Business asset disposal relief
4. A2giv. Transferring a business to a company
   9:27

A2. In the exam

A3a. Basic principles of computing transfers of value

1. A3a. Chargeable persons
2. A3a. Diminution in value principle
3. A3a. 7 year accumulation principle

A3a. IHT arising on lifetime transfers and on death

1. A3a. Tax implications of lifetime transfers
2. A3a. Transfer of unused NRB between spouses
3. Residence NRB

A3a. Exemptions to defer / minimise IHT

1. A3a. Exemptions
2. A3a. Basic IHT planning

A3b. The scope of IHT

1. A3bi. Domicile
   5:36
2. A3bii/iii. Excluded Property
3. A3biv. Gifts with reservation

A3c. Computing transfers of value

1. A3ci. Principles of valuation
2. A3cii. ii.Business property and agricultural property relief
   3:11
3. A3ciii. Exempt transfers

A3d. IHT liabilities on lifetime transfers during life and death

1. A3di. Transfer of value, Chargeable Transfer, Potentially Exempt Transfer
2. A3dii. Taper Relief
3. A3diii. IHT liability on the death estate
4. A3div. Fall in value of lifetime gifts
5. A3dv. Quick succession relief
6. A3dvi. Double tax relief for inheritance tax
7. A2gv/A3dvii. Deed of variation

A3e. Trusts

1. A3ei-ii. What are the different types of trusts?
2. A3eiii-v. IHT implications of trusts

A3f. IHT planning

1. A3fi. IHT planning

A3g. IHT administration

1. A3gi. Payment of IHT by instalments
2. A3gii. Payment of inheritance tax and the due date

A3. In the exam

1. A3. In the exam

A4a. The scope of corporation tax

1. A4a. Period of account and CAP
2. A4a. Residency of a company

A4a. Taxable total profits

1. A4a. Allowable expenditure in calculating T.A.T.P.
2. A4a. Relief for pre-trading expenditure
3. A4a. Capital allowances
4. A4a. Property business profits/losses - for Companies
5. A4a. Relief for Trading losses - for Companies
6. A4a. Current year relief of trading losses
7. A4a. Carry back relief of trading losses
8. A4a. The carry back of a loss - periods of less than 12 months
9. A4a. Carry forward relief of trading losses
10. A4a. Terminal loss relief
11. A4a. Factors that influence choice of loss relief claim
12. A4a. Loan relationship rules
13. A4a. Qualifying charitable donations
14. A4a. Computation of taxable total profits

A4a. Chargeable gains for companies

1. A4a. Capital gains computation
2. A4a. Capital losses
3. A4a. Disposals of shares by companies, with share identification rules
4. A4a. Bonus issues, rights issues, takeovers and reorganisations
5. A4a. Rollover relief

A4a. The comprehensive computation of corporation tax liability

1. A4a. Compute the corporation tax liability

A4a. Group corporate structure for C.T.

1. A4a. 75% loss group
2. A4a/eiii. 75% gains group
   11:16

A4b. The scope of CT

1. A4bi. Companies with investment businesses
2. A4bii. Close companies
   6:01
3. A4biii. Accounting periods on winding up
4. A4biv. Tax treatment of returns on winding up
5. A4bv. Purchase by a company of its own shares

A4c. Taxable total profits

1. A4ci. Research and development expenditure
2. A4civ. Non trading deficit
3. A4eii. Intangible fixed assets
4. A4cv. Transfer Pricing
5. A4cvi. Restriction on the use of losses

A4d. The corporation tax liability

1. A4di/ii. Permanent establishment
2. A4diii. Controlled foreign companies
3. A4div. Overseas company trading in the UK
4. A2dv. Double taxation relief

A4e. Group Structure for C.T.

1. A4eiv/v. Consortium owned company and member
2. A4evi. Pre-entry losses
3. A4evii/A4eviii. Degrouping charge
4. A4eix. Tax treatment of overseas branch

A4f. Exemptions and reliefs for C.T.

1. A4fi. Substantial shareholding exemption
   7:25

A4: In the exam

1. In the exam

A5a. The scope of stamp taxes

1. A5ai. What are stamp taxes payable on?

A5b. Liabilities arising on transfers

1. A5bi. Shares and securities
2. A5bii. Land

A5c/d. Exemptions and Reliefs

1. A5ci/ii. Stamp taxes - exemptions and reliefs

A6a. The VAT registration requirements

1. A6a. VAT Registration - Compulsory and Voluntary
2. A6a. Circumstances for pre-registration VAT can be recovered
3. A6a. Conditions for companies to be treated as VAT group

A6a. Computation of VAT liabilities

1. A6a. Calculate the amount of VAT payable/recoverable
2. A6a. Understand how VAT is accounted for and administered
3. A6a. Recognise the tax point when goods or services are supplied
4. A6a. Information that must be given on a VAT invoice
5. A6a. Principles regarding the valuation of supplies
6. A6a. Principal zero rated and exempt supplies
7. A6a. Circumstances in which input VAT is non-deductible
8. A6a. Relief available for impairment losses on trade debts
9. A6a. Default surcharge and penalty for incorrect VAT return
10. A6a. Treatment of imports to the UK exports from the UK

A6a. The effect of special schemes

1. A6a. Operation of and advantages of VAT special schemes

A6a. Additional Material

1. iii. Land and Buildings
2. A6aiv. VAT implications of partial exemption
3. A6av. Capital goods scheme
4. A6a. Transfer of a going concern
   5:46

A6b. The overall function and purpose of taxation

1. A6b. The purpose of tax
2. A6b. The differences between different types of tax.

A6b. Principal sources of revenue law and practice

1. A6b. The overall structure of the UK tax system
2. A6b. The different sources of revenue law and HMRC terms of reference.
3. A6b. The difference between tax avoidance and tax evasion
   2:48
4. A6b. The interaction of the UK tax system with other tax jurisdictions
5. A6b. The need for an ethical and professional approach

A6b. The systems for self-assessment and the making of returns

1. A6b. The features of self- assessment for Individuals
2. A6b. The features of self- assessment system for companies

A6b. The Time Limits

1. A6b. Timings for Amendments and Chargeability
2. A6b. Timings for Payments of Tax
3. A6b. Timings for Claims
4. A6b. Retention of business records

A6b. The Procedures relating to compliance checks, appeals and disputes

1. A6b. Compliance checks and self assessment

A6b. Penalties for non-compliance

1. A6b. Calculate late payment interest and state the penalties that can be charged.

A6bi. Offshore Matters

1. A6bi. Offshore Matters

B2. Alternative ways of achieving outcomes

1. B2a. Alternative ways of achieving outcomes

B3. Different types of finance and investment

1. B3. Debt or equity?

Ethics

1. C5/6. Ethics