Modules

409 Revenue law

Prerequisite – 122 Introduction to the common law
Last examination 2004 - except for re-sits.

1. General. The general structure and administration of the income tax, corporation tax, capital gains tax and inheritance tax. The rules as to residence of individuals, partnerships, companies and trustees for tax purposes. Tax evasion and tax avoidance, including recent developments in the courts.

2. Income taxation. The definition, ascertainment and computation of income under Schedule A. The definition, ascertainment and computation of income under Case I and Case II of Schedule D. The deductions and allowances, including capital allowances and loss relief, which may be set against income under Case I and Case II of Schedule D. The definition, ascertainment and computation of income under Case III. The rules for applying income tax to income from trusts and estates. The definition, ascertainment and computation of income under Schedule E, including benefits in kind, and the deductions which may be set against such income. The rules for applying income tax to partnerships (in outline only). The rules for applying corporation tax to the income of companies and the provisions of Schedule F in relation to individual shareholders. The tax treatment of the income of close companies and groups of companies (in outline only). The rules for applying the tax on income to individuals, the relief's accorded to individuals. The tax treatment of the family including the tax treatment of maintenance payments.

3. Capital Taxation. The definition, ascertainment and computation of chargeable gains and allowable losses for capital gains tax. The rules for applying capital gains tax to individuals, estates and trusts. The special provisions of capital gains tax relating to business assets. Capital gains tax in relation to partnerships (in outline only). The rules for applying corporation tax to the capital gains of companies. The tax treatment of the gains of close companies and groups of companies (in outline only). The definition, ascertainment and computation of inheritance tax; chargeable transfers; gifts subject to reservations; potentially exempt transfers; persons chargeable to the tax; property subject to the tax; trusts and estates; exemptions from the tax; the relation of inheritance tax to capital gains tax.

[Note: Since no calculation of tax payable in any problem is required, students are not permitted to bring calculators into the examination hall. Students are required to show knowledge of relevant extra-statutory concessions and statements of practice].