7/25/2019 Tax Exam Main Topics

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Taxation Exam :Recheck

Section B

Section B will be comprised of four 10-mark questions and two 15-mark questions.

The four 10-mark questions could be on any area of the syllabus. Gien that Section ! is the same" this

means that it is ery important for students to study the whole of the syllabus.

The two 15-mark questions will focus on income ta# $syllabus area B% and corporation ta# $syllabus

area &%.

'uestions in Section B will be predominantly computational" althou(h each question may contain

written elements" and it is possible that an entirely written answer mi(ht be required.

The most important syllabus areas that you can e#pect to see frequently e#amined are as follows)

Income tax

• *ncome from employment $in particular" the income assessable" the allowable deductions and

benefits%.

• *ncome from self-employment $in particular" the basis of assessment" the e#penditure that is

allowable" assessable profits on commencement and cessation" capital allowances and relief for

tradin( losses%.

• +roperty and inestment income $in particular" property business profits" sain(s income anddiidend income%.

• The computation of ta#able income and the income ta# liability.

• The self-assessment system.

• The time limits for the submission of information" claims and payment of ta#.

Chargeable gains

• ,omputation of a persons char(eable (ains.

• ,omputation of the amount of allowable e#penditure for a part disposal.

• ,omputation of the char(eable (ain when a chattel is disposed of.

• ,omputation of the e#emption when a principal priate residence is disposed of.

• The share identification rules as they apply to indiiduals and to companies.

• The computation of the capital (ains ta# payable by indiiduals.

• &#emptions and reliefs $entrepreneurs relief" rolloer relief and holdoer relief for (ifts%.

7/25/2019 Tax Exam Main Topics

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Inheritance tax (IHT)

• The seen-year accumulation principle.

• The *T liabilities arisin( on lifetime transfers.

• The *T liability on a death estate.

• The annual e#emption and the e#emption for (ifts between spouses.

• The payment of *T.

Corporation tax

• Ta#able total profits $in particular" the e#penditure that is allowable in calculatin( the ta#-

ad/usted tradin( profit" capital allowances" property business profits" char(eable (ains and relief

for tradin( losses%.

• ,omputation of the corporation ta# liability.

Value ae tax (V!T)

• The circumstances in which a person must re(ister for !T.

• The computation of !T liabilities $in particular" the ta# point" the aluation of supplies" non-

deductible input !T and relief for impairment losses on trade debts%.

• The cash accountin(" annual accountin( and flat rate schemes.

"inance !ct article

,andidates sittin( +aper 2 $34%" Taxation should read the releant inance !ct article which is

published each year on the !,,! website as this article is hi(hly releant to +aper 2 $34%.