A. Knowledge and understanding of the UK tax system through the study of further capital taxes, together with more advanced topics within the taxes studied previously.
1. Income and income tax liabilities in situations involving further overseas aspects and in
relation to trusts, and the application of additional exemptions and reliefs.
2. Corporation tax liabilities in situations involving further overseas and group aspects and in relation to special types of company, and the application of additional exemptions and reliefs.
3. Chargeable gains and capital gains tax liabilities in situations involving further overseas aspects and in relation to closely related persons and trusts, and the application of additional exemptions and reliefs.
4. Inheritance tax
5. Stamp duty and stamp duty land tax
6. National Insurance, value added tax and tax administration
B. The importance of taxation to personal and corporate financial management
1. The principles underlying personal financial management.
2. How an individual’s personal financial objectives may differ depending on their circumstances and expectations.
3. The common forms of personal finance and investment products in a given set of
circumstances, including ethical considerations.
4. How a business’ financial objectives may differ depending on its circumstances and the
business environment.
5. How taxation can affect the financial decisions
made by businesses (corporate and unincorporated) and by individuals.
6. Other considerations, personal and commercial, which might affect a financial
decision.
C. The impact of relevant taxes on various situations and courses of action, including the
interaction of taxes
1. Taxes applicable to a given situation or course of action and their impact.
2. Alternative ways of achieving personal or business outcomes may lead to different tax
consequences.
3. Tax advantages and/or disadvantages of alternative courses of action6
4. Statutory obligations imposed in a given situation, including any time limits for action and the implications of non-compliance.
D. Minimising and/or deferring tax liabilities by the use of standard tax planning measures
1. Types of investment and other expenditure that will result in a reduction in tax liabilities for an
individual and/or a business.
2. Legitimate tax planning measures, by which the tax liabilities arising from a particular situation or course of action can be mitigated.
3. The appropriateness of such investment,expenditure or measures, given a particular taxpayer’s circumstances or stated objectives.
4. The mitigation of tax in the manner recommended, by reference to numerical analysis and/or reasoned argument.
5. Ethical and professional issues arising from the giving of tax planning advice.
6. Current issues in taxation.
E. Communicating with clients, HM Revenue and Customs and other professionals
1. Communication of advice, recommendations and information in the required format.
2. Presentation of written information, in language appropriate to the purpose of the
communication and the intended recipient.
3. Conclusions reached with relevant supporting computations.
4. Assumptions made or limitations in the analysis provided, together with any
inadequacies in the information available and/or additional information required to provide a fuller analysis.
5. Other non-tax factors that should be considered.