TX UK Textbook Syllabus
Chapter 1
Syllabus A. UK Tax System & Administration
A2. Revenue Law
- Structure of the UK tax system
- Revenue law
- Tax Avoidance And Tax Evasion
- UK tax system and other tax jurisdictions
- Ethical and professional approach
A4. The Time Limits
All subject exam questionsA6. Penalties for non-compliance
All subject exam questionsChapter 2
Syllabus B. Income Tax And Nic Liabilities
B2. Income from employment
- The factors - employment or self-employment
- Basis of assessment for employment income
- Income assessable
- Allowable deductions
- The statutory approved mileage allowances
- PAYE system
- Use and gift benefit
- Living accomodation4:34
- Motor cars, Vans and private fuel benefit
- Beneficial loan benefit
- Other benefits
- RTI reporting
B3. Income from self-employment
- Basis of assessment for self employment income
- Badges of trade
- Allowable expenditure
- Cash basis for small businesses
- Relief for pre-trading expenditure - Self-employed
- Capital allowances
- Relief for trading losses
- Partnerships and limited liability partnerships
B4. Property and investment income
- Computation of property business profits
- Furnished holiday lettings
- Rent a room relief
- Premiums granted for short leases
- Property income finance costs
- Property business loss relief
- Tax payable on savings and dividend income/Income tax computation/Income tax payable
- Savings income starting rate band
- Individual Savings Accounts and other tax exempt investments
B5. The comprehensive computation of taxable income and income tax liability
- Personal allowance
- Transferable Personal Allowance
- Qualifying loans
- Gift aid donations
- Child benefit tax charge
- Jointly owned property by a married couple/civil partners
B6. National insurance contributions for employed and self-employed persons
All subject exam questionsB7. The use of exemptions and reliefs in deferring and minimising income tax liabilities
All subject exam questionsChapter 3
Syllabus C. Chargable Gains For Individuals
C1. The scope of the taxation of capital gains
All subject exam questionsC2. The basic principles of computing gains and losses
- The treatment of capital gains
- The treatment of capital losses
- Transfers between husband and wife or civil partners
- Allowable expenditure on a part disposal
- Insurance proceeds received for a damaged/lost/destroyed asset.
C3. Gains and losses on the disposal of movable and immovable property
All subject exam questionsC5. Entrepreneur's relief/Business asset disposal relief
All subject exam questionsC6. The use of exemptions and reliefs to minimise capital gains tax
All subject exam questionsChapter 4
Syllabus D. Inheritance Tax
D1. Basic principles of computing transfers of value
- Chargeable persons
- Transfer of value, Chargeable Transfer, Potentially Exempt Transfer
- Diminution in value principle
- 7 year accumulation principle
- Taper Relief
D2. IHT arising on lifetime transfers and on death
- Tax implications of lifetime transfers
- IHT liability on the death estate
- Transfer of unused NRB between spouses
- Residence NRB
D4. Payment of inheritance tax
All subject exam questionsChapter 5
Syllabus E. Corporation Tax Liabilities
E1. The scope of corporation tax
All subject exam questionsE2. Taxable total profits
- Allowable expenditure in calculating T.A.T.P.
- Relief for pre-trading expenditure - Companies
- Capital allowances
- Property business profits/losses - for Companies
- Relief for trading losses - for Companies
- Current year relief of trading losses
- Carry back relief of trading losses
- The carry back of a loss - periods of less than 12 months
- Carry forward relief of trading losses
- Terminal loss relief
- Factors that influence choice of loss relief claim
- Loan relationship rules
- Qualifying charitable donations
- Computation of taxable total profits
E3. Chargeable gains for companies
- Capital gains computation
- Capital losses
- Disposals of shares by companies, with share identification rules
- Bonus issues, rights issues, takeovers and reorganisations
- Rollover relief
E4. The comprehensive computation of corporation tax liability
All subject exam questionsChapter 6
Syllabus F. Value Added Tax
F1. The VAT registration requirements
- VAT Registration - Compulsory and Voluntary
- Circumstances for pre-registration VAT can be recovered
- Conditions for companies to be treated as VAT group
F2. Computation of VAT liabilities
- Calculate the amount of VAT payable/recoverable
- Understand how VAT is accounted for and administered
- Recognise the tax point when goods or services are supplied
- Information that must be given on a VAT invoice
- Principles regarding the valuation of supplies
- Principal zero rates and exempt supplies
- Circumstances in which input VAT is non-deductible
- Relief available for impairment losses on trade debts
- Penalties and interest for late filing and late payment
- Treatment of imports and exports
- VAT exam questions