AC221-Personal Tax

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Spring term module
Pre-requisites: AC110 Introduction to Accounting
Non-modular pre-requisites:
Co-requisites:
Modules excluded: AC108 Principles of Taxation
Current from: 2023/4

Module Convenor: Mrs Alice Bowen
Email: alice.bowen@henley.ac.uk

Type of module:

Summary module description:

This module introduces students to the main areas of UK taxes affecting individuals, including income tax, capital gains tax, national insurance, inheritance tax and the UK tax system.

Aims:

To enable students to understand the UK tax system and to calculate income tax, national insurance contributions, capital gains tax and inheritance tax for individuals in given scenarios. 

Assessable learning outcomes:

1. Explain the function and purpose of tax, the sources of tax law, and the different types of tax in the UK.

2. Identify the administrative obligations the UK tax system imposes on taxpayers and the implications of non-compliance.

3. Calculate the amounts of income tax owed by or to individuals on employment income, property income and investment income. 

4. Calculate the amounts of national insurance payable in respect of employment.

5. Calculate the capital gains tax payable by individuals.

6. Calculate the inheritance tax payable by individuals.

Additional outcomes:

The module also aims to encourage the development of oral communication skills and the students’ effectiveness in group situations as well as the use of technology. Structured activities are designed to develop independent learning, including reflective, adaptive and collaborative learning.

Outline content:

• Introduction to income tax; employment income and benefits, property income, pensions, tax allowances, calculation of tax, and tax administration

• Calculation of national insurance payable by employees and employers in respect of employment income.

• Introduction to capital gains tax for individuals, calculation of chargeable gains and losses, disposal of shares, residence, chattels and calculation of tax.

• Calculate the amounts of inheritance tax due on lifetime transfers and transfers on death by individuals, personal representatives and trustees.

Brief description of teaching and learning methods:

Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Tutorials will focus on numerical practice and discussion of examination style questions.

Summative assessment- Examinations:

The exam will be an unseen exam in the Summer term and will be two hours long. 

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Summative assessment- Coursework and in-class tests:

Formative assessment methods:

Formative assessments are available in the textbook for all weeks of the module to enable students to gain the necessary practice. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Penalties for late submission:

The Module Convenor will apply the following penalties for work submitted late: 

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day[1] (or part thereof) following the deadline up to a total of five working days; 

• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work. 

Assessment requirements for a pass:

A minimum mark of 40% is required for a University pass.

If accreditation is offered by the ACCA for this module it will contribute to the Taxation module of the ACCA Applied Skills level. In order to apply for an exemption from the ACCA a minimum mark of 50% must be obtained on this module and the AC319 Business Tax module.

This module also contributes to the Principles of Taxation module of ICAEW ACA Certificate level. In order to apply for ICAEW credit for prior learning, a minimum mark of 50% must be obtained on this module and the AC319 Business Tax module. 

Reassessment arrangements:

Reassessment is through exam only in August/September of the same year.

Additional Costs (specified where applicable):

Required textbooks ACCA Taxation Study Text - approximately £40.00 plus postage and packing

Calculator - Any non-programmable, approximately £20

Last updated: 12 April 2023