The Institute of Chartered Accountants in England and Wales

PRINCIPLES OF TAXATION
Professional Stage Knowledge Level
Study Guide
For exams in 2013
www.icaew.com

Contents
1 Introduction 1
2 Principles of Taxation 2
3 Study guide 3
4 Syllabus and learning outcomes 19
5 Key Resources 30



Study Guide 1
1 Introduction
1.1 What is the Principles of Taxation module and how does it fit within the
Professional Stage?
Structure
The syllabus has been designed to develop core technical, commercial, and ethical skills and knowledge
in a structured and rigorous manner.
The diagram below shows the twelve modules at the Professional Stage, where the focus is on the
acquisition and application of technical skills and knowledge, and the Advanced Stage which comprises
two technical integration modules and the Case Study.

The knowledge base
The aim of the Principles of Taxation module is to enable students to understand the general objectives
of tax and to calculate income tax, national insurance contributions, capital gains tax, corporation tax
and VAT in straightforward scenarios.
Progression to application level
The knowledge base that is put into place here will be taken further in the Application level Taxation
module, where the aim will be to enable students to prepare tax computations and provide tax advice
to individuals and companies, again in straightforward scenarios. The above taxes introduced at
Knowledge level are taken to a higher level, and in addition inheritance tax is covered at Application
level.
Progression to Advanced Stage
The Advanced Stage papers Business Reporting (BR) and Business Change (BC) then take things
further again, also introducing stamp duty and stamp duty land tax. The aims of BR being that students
can apply analysis techniques, technical knowledge and professional skills to resolve real-life compliance
issues faced by businesses including circumstances where overseas taxes affect national taxes. In the
BC paper taxation is particularly important. The aim is to ensure that students can provide technical
advice in respect of issues arising in business transformations eg mergers and acquisitions.
The above illustrates how the knowledge of taxation principles gives a platform from which a
progression of skills and taxation expertise is developed.

Principles of Taxation 2
2 Principles of Taxation
2.1 Module aim
To enable candidates to understand the general objectives of tax and to calculate income tax, national
insurance contributions, capital gains tax, corporation tax and VAT in straightforward scenarios.
2.2 Specification grid
This grid shows the relative weightings of subjects within this module and should guide the relative
study time spent on each. Over time the marks available in the assessment will equate to the weightings
below, while slight variations may occur in individual assessments to enable suitably rigorous questions
to be set.

Weighting
(%)

Objectives, types of tax and ethics

10

Administration of taxation

20

Income tax and national insurance contributions

20

Capital gains tax and chargeable gains for companies

10

Corporation tax

20

VAT

20


100


Study Guide 3
3 Study guide
3.1 Help yourself study for your ACA exams
The right approach
1 Develop the right attitude
Believe in yourself Yes, there is a lot to learn. But thousands have succeeded
before and you can too.
Remember why you are doing it You are studying for a good reason: to advance your
career.
2 Focus on the exam
Read through the Syllabus in this
guide
This tells you what you are expected to know.
3 The right method
See the whole picture Keeping in mind how all the detail you need to know fits
into the whole picture will help you understand it better.
The Practical significance and Working context to
each chapter in the study guide put the material into
context.
The Learning objectives and Section overviews in
the study manual show you what you need to grasp.
Use your own words To absorb the information (and to practise your written
communication skills), you need to put it into your own
words.
Take notes.
Answer the questions in each chapter.
Draw mindmaps.
Try 'teaching' a subject to a colleague or friend.
Give yourself cues to jog your
memory
The Study Manual uses bold to highlight key points.
Try colour coding with a highlighter pen.
Write key points on cards.
4 The right recap
Review, review, review Regularly reviewing a topic in summary form can fix it in
your memory. The Study Manual helps you review in many
ways.
Each Chapter Summary will help you to recall that
study session.
The Self-test actively tests your grasp of the essentials.
Go through the Examples in each chapter a second or
third time.
Principles of Taxation 4
3.2 Study cycle
The best way to approach the Study Manual is to tackle the chapters in order. We will look in detail at
how to approach each chapter below but as a general guide, taking into account your individual
learning style, you could follow this sequence for each chapter.
Key study steps Activity
Step 1
Topic list
This topic list is shown in the contents for each chapter and helps you navigate
each part of the book; each numbered topic is a numbered section in the
chapter.
Step 2
Introduction
The practical significance and working context sections for each chapter, set
out in this study guide give you the big picture in terms of the context of the
chapter. The Examination context guidance shows what the examiners are
looking for and tells you why the topics covered in the chapter need to be
studied.
Step 3
Section overviews
Section overviews give you a quick summary of the content of each of the
main chapter sections. They can also be used at the end of each chapter to
help you review each chapter quickly.
Step 4
Explanations
Proceed methodically through each chapter, particularly focusing on areas
highlighted as significant in the chapter introduction or study guide.
Step 5
Note taking
Take brief notes, if you wish. Don't copy out too much. Remember that being
able to record something yourself is a sign of being able to understand it. Your
notes can be in whatever format you find most helpful: lists, diagrams,
mindmaps.
Step 6
Examples
Work through the examples very carefully as they illustrate key knowledge and
techniques.
Step 7
Answers
Check yours against the suggested solutions, and make sure you understand
any discrepancies.
Step 8
Chapter summary
Review it carefully, to make sure you have grasped the significance of all the
important points in the chapter.
Step 9
Self-test
Use the Self-test to check how much you have remembered of the topics
covered.
Step 10
Learning objectives
Ensure you have ticked off the Learning objectives.
Moving on...
When you are ready to start revising, you should still refer back to the Study Manual.
As a source of reference (you should find the index particularly helpful for this).
As a way to review (the Section overviews, Examination context, Chapter summaries and Self-test
questions help you here).
Remember to keep careful hold of the Study Manual you will find it invaluable in your work.


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1
8



Study Guide 19
4 Syllabus and learning outcomes
Covered
in chapter
1 Objectives, types of tax and ethics
Candidates will be able to explain the general objectives of tax, the influences upon the UK
system of tax, the different types of tax in the UK and will be able to recognise the ethical
issues arising in the course of performing tax work.
In the assessment, candidates may be required to:
(a) Identify the objectives of tax in general terms of economic, social justice and
environmental issues, the range of tax opportunities open to the government and the
relative advantages of different types of tax in meeting the governments objectives. 1
(b) Recognise the impact of external influences, including EU tax policies, on UK tax
objectives and policies. 1
(c) Classify entities as individuals, partnerships, or companies for tax purposes and state
how they are taxed. 1
(d) Identify who is liable for the following taxes, how the taxes apply to income,
transactions and assets, identify the government bodies responsible for the taxes, and
determine when an individual or entity comes within the scope of the taxes: 1
Capital gains tax
Corporation tax
Income tax
National insurance
VAT
(e) Recognise the importance of the budget cycle, tax year and the following sources of
UK tax law and practice: 1
Legislation
Case law
HM Revenue & Customs manuals, statements of practice, extra statutory
concessions and press releases
(f) Identify the five fundamental principles given in the IFAC Code of Ethics for
Professional Accountants and the ICAEW Code of Ethics, and the guidance in relation
to a tax practice with regard to: 13
The threats and safeguards framework
Ethical conflict resolution
(g) Identify the following: 13
Conflict of interest
Money laundering
Tax avoidance and tax evasion
2 Administration of taxation
Candidates will be able to identify the obligations the UK system of tax imposes on
taxpayers and the implications for taxpayers of non-compliance.
In the assessment, candidates may be required to:
(a) Identify the records which companies and individuals must retain for tax purposes
and state the periods for which the records must be retained. 11,12

Principles of Taxation 20
Covered
in chapter
(b) Identify the key features of the PAYE and national insurance system and calculate
PAYE tax codes for employees. 3, 7
(c) Identify the key features of the self assessment system for both companies and
individuals. 12
(d) Determine, in straightforward cases, due dates for:
Companies, sole traders, partners and individuals tax returns, tax payments
and payments on account 12
Businesses VAT returns and payments 11
Employers PAYE and national insurance returns and payments 3,12
(e) Identify and calculate the interest and penalties due for:
Late submissions of and/or incorrect returns, and 12
Late and/or incorrect payments of tax 12
(f) Identify the periods within which HM Revenue & Customs can enquire into a
taxpayers returns or other information and tax liabilities and recognise the taxpayers
right of appeal and the process for dealing with disputes. 12
3 Income tax and national insurance contributions
Candidates will be able to calculate the amount of income tax owed by or owed to
individuals and the amount of national insurance payable.
In the assessment, candidates may be required to:
(a) Recognise the main sources of taxable and non-taxable income. 2
(b) Calculate the personal allowance available to an individual according to personal
circumstances including personal age allowances and married couples allowance. 2
(c) Calculate assessable employment income for an employee or director, including
taxable and exempt benefits. 3
(d) Recognise the badges of trade. 4
(e) Allocate given items of business expenditure as allowable or disallowable for tax
purposes and calculate the adjusted trading profits after capital allowances on plant
and machinery of a sole trader or partnership. 4, 5
(f) Allocate the tax adjusted profits of a partnership to each partner and calculate the
final assessable profits for each partner for any given tax year. 6
(g) Calculate the assessable trading profits for a new unincorporated business and
identify the overlap profits on the commencement of trade. 6
(h) Calculate the final assessable trading profits for an unincorporated business ceasing to
trade. 6
(i) Calculate total taxable income and the income tax payable or repayable for
employed and self-employed individuals. 2
(j) Calculate the total national insurance contributions payable by employees, employers
and self-employed individuals. 7

Study Guide 21
Covered
in chapter
4 Capital gains tax and chargeable gains for companies
Candidates will be able to calculate the amount of capital gains tax payable by individuals
and the chargeable gains subject to corporation tax.
In the assessment, candidates may be required to:
(a) Classify persons, assets and disposals as either chargeable or exempt for capital gains
purposes. 8
(b) Calculate the chargeable gains and losses on the disposal of assets, including
indexation where appropriate. 8
(c) Calculate total taxable gains for both individuals and companies and for individuals
calculate the capital gains tax payable. 8
5 Corporation tax
Candidates will be able to calculate the amount of corporation tax payable by companies.
In the assessment, candidates may be required to:
(a) Identify chargeable accounting periods for a company. 9
(b) Recognise the effect of having one or more associated companies on corporation tax
payable. 9
(c) Allocate given items of business expenditure as allowable or disallowable for tax
purposes and calculate the adjusted trading profits after capital allowances on plant
and machinery. 9
(d) Calculate the taxable total profits and the corporation tax payable for a company
resident in the UK which has no associated companies and an accounting period of
12 months or less. 9
6 VAT
Candidates will be able to calculate the amount of VAT owed by or owed to businesses.
In the assessment, candidates may be required to:
(a) Classify supplies in given straightforward situations as exempt, zero rated, standard
rated, subject to a reduced rate of 5% or outside the scope of VAT. 10
(b) Recognise the implications of supplies being classified as standard rated, zero rated or
exempt. 10
(c) Identify when a business could or should register or deregister for VAT and state the
time limits. 10
(d) Determine the tax point for a supply of goods or services. 10
(e) State the principles of VAT payable or repayable on the supply of goods or services by
a taxable person and calculate the monthly, quarterly and annual VAT payable or
repayable by a business. 10, 11
(f) State the alternative schemes for payment of VAT by businesses. 11

Principles of Taxation 22
4.1 Technical knowledge
The tables contained in this section show the technical knowledge in the disciplines of financial
reporting, audit and assurance, ethics and taxation covered in the ACA syllabus by module.
For each individual standard the level of knowledge required in the relevant Professional Stage module
and at the Advanced Stage is shown.
The knowledge levels are defined as follows:
Level D
An awareness of the scope of the standard.
Level C
A general knowledge with a basic understanding of the subject matter and training in its application
sufficient to identify significant issues and evaluate their potential implications or impact.
Level B
A working knowledge with a broad understanding of the subject matter and a level of experience in the
application thereof sufficient to apply the subject matter in straightforward circumstances.
Level A
A thorough knowledge with a solid understanding of the subject matter and experience in the
application thereof sufficient to exercise reasonable professional judgement in the application of the
subject matter in those circumstances generally encountered by Chartered Accountants.
Key to other symbols:
the knowledge level reached is assumed to be continued























Study Guide 23
Taxation
Professional
Stage
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Objectives of taxation C
Ethics A
HM Revenue & Customs B
Tax evasion and avoidance C B A
BUSINESS TAXATION

Administration B
Appeals C
Payments B A
Penalties and interest B A
Self assessment B A
Chargeable gains
Chargeable assets C B
Chargeable disposals C B
Chargeable persons C B
Chattels: wasting and non-wasting B
Costs of acquisition and disposal C B
Indexation B A
Leases A
Nil gain/nil loss transfers A
Part disposals B
Pre 31 March 1982 assets A
Qualifying corporate bonds A
Relief for capital losses A
Reorganisations and reconstructions A
Shares and securities (including bonus and rights issues) A
Chargeable gains reliefs
Entrepreneurs' relief A
Gift relief A
Incorporation relief A
Roll-over relief A
Substantial shareholding exemption A

Principles of Taxation 24
Professional
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Adjustments to profits B A
Badges of trade B A
Capital allowances B A
Foreign currency transactions A
Long periods of account C A
Pension contributions B A
Royalty payments B
Royalty receipts B
Unincorporated businesses
Basis of assessment current year basis B A
Change of accounting date B
Commencement and cessation of trade B A
Overlap profits and treatment of opening year losses B A
Partnerships B A
Trading losses A
Companies taxable total profits
Property income (including lease premiums) A
Trading profits B A
Loan relationships B A
Loan relationships worldwide debt cap B
Intangible assets B A
Research and development expenditure B A
Research and development tax credits A
Miscellaneous income B A
Chargeable gains B A

Indexation A
Qualifying donations B A
Relief for capital losses A
Trading losses A
Use of deficit on non-trading loan relationships A

Study Guide 25
Professional
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Title
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Corporation tax computation
Chargeable accounting periods C B A
Close companies A
Corporation tax liability B A
Distributions B
Double tax relief (including underlying tax and withholding tax) B
Liquidation A
Provision of services through a company A
Rates of tax B A
Residence C B
Groups
Associated companies C B A
Capital gains groups A
Changes in group structure A
Change in ownership B A
Consortium relief A
Controlled foreign companies A
Degrouping charges A
Group loss relief A
Group relationships A
Non-coterminous accounting periods A
Overseas companies and branches A
Pre-acquisition gains and losses A
Rollover relief A
Transfer of assets A
Transfer pricing A
Stamp Duty and Stamp Duty Land Tax
Basic principles B
Chargeable occasions B
Exemptions B

Principles of Taxation 26
Professional
Stage
Title
P
r
i
n
c
i
p
l
e
s

o
f

T
a
x
a
t
i
o
n

T
a
x
a
t
i
o
n

A
d
v
a
n
c
e
d

S
t
a
g
e

VAT
Administration B
Appeals C
Capital goods scheme A
Group aspects A
Input VAT A
Output VAT A
Overseas aspects A
Partial exemption B
Payments A
Penalties and interest A
Property transactions A
Registration and deregistration A
Small business reliefs A
Taxable person A
Taxable supplies A
Transfer of a business as a going concern B
VAT records and accounts A
PERSONAL TAXATION

Administration
Administration B
Appeals C
PAYE B
Payments B A
Penalties and interest B A
Self assessment B A
Employees
Allowable deductions against employment income A
Employment income B A
Share schemes A
Statutory Mileage Rates Scheme A
Taxable and exempt benefits B A
Termination payments B

Study Guide 27
Professional
Stage
Title
P
r
i
n
c
i
p
l
e
s

o
f

T
a
x
a
t
i
o
n

T
a
x
a
t
i
o
n

A
d
v
a
n
c
e
d

S
t
a
g
e

Other income
Dividends from UK companies B A
Enterprise Investment Scheme B
Investment income B A
ISAs B B
Property income C A
Lease premiums A
Savings income B A
Venture Capital Trusts B
Income tax computation
Exempt income B A
Gift Aid B A
Income tax liable and payable B A
Income tax charge on child benefit B
Independent taxation and jointly owned assets B A
Married couples allowance B A
Pension contributions: Provisions for retirement B A
Pension contributions: Tax reliefs B A
Personal age allowance B A
Personal allowance B A
Rates of tax B A
Taxable persons C A
Capital gains tax
Annual exempt amount B A
Chargeable assets C B
Chargeable disposals C B
Chargeable persons C B
Chattels: wasting and non wasting B
Connected persons A
Converted trading losses B
Costs of acquisition and disposal C B
Leases A
Nil gain/nil loss transfers A

Principles of Taxation 28
Professional
Stage
Title
P
r
i
n
c
i
p
l
e
s

o
f

T
a
x
a
t
i
o
n

T
a
x
a
t
i
o
n

A
d
v
a
n
c
e
d

S
t
a
g
e

Part disposals B
Pre 31 March 1982 assets A
Qualifying corporate bonds A
Rate of tax B A
Reorganisations and reconstructions A
Shares and securities (including bonus and rights issues) A
Capital gains tax reliefs
Letting relief A
Principal private residence relief A
Reinvestment relief under EIS B
National insurance contributions
Administration C B
Classes of NIC C B
Directors B
Maximum contributions C
Taxable benefits B
Basic principles of inheritance tax
Chargeable persons B
Chargeable property B
Excluded property B
Inter-spouse transfers A
Rates of tax A
Related property B
Seven year accumulation period A
Inheritance tax on lifetime transfers
Discretionary trusts A
Potentially exempt transfers A
Inheritance tax on death
Death estate A
Deeds of variation B
Lifetime transfers A
Reliefs and exemptions from inheritance tax
Agricultural property relief B
Annual exemption B
Business property relief A
Gifts to charities and political parties A

Study Guide 29
Professional
Stage
Title
P
r
i
n
c
i
p
l
e
s

o
f

T
a
x
a
t
i
o
n

T
a
x
a
t
i
o
n

A
d
v
a
n
c
e
d

S
t
a
g
e

Gifts with reservation of benefit B
Marriage exemption A
Normal expenditure out of income A
Quick succession relief B
Small gifts exemption A
Taper relief A
Overseas aspects of personal taxation
Arising basis A
Deemed domicile for IHT A
Domicile A
Foreign assets, income and gains A
Double tax relief A
Ordinary residence A
Remittance basis A
Residence A
Temporary absence A
UK taxation of non-domiciled individuals A

Ethics Codes and Standards
Ethics Codes and Standards Level Professional Stage modules
IFAC Code of Ethics for Professional Accountants
(parts A, B and C and Definitions)
A
ICAEW Code of Ethics
(icaew.com/regulations)
A
Assurance
Business and Finance
Law
Principles of Taxation
Audit and Assurance
Business Strategy
Financial Reporting
Taxation
APB Ethical Standards 1-5 (revised)
Provisions Available to Small Entities (revised)
A Assurance
Audit and Assurance


Principles of Taxation 30
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