ACC40240 Taxation 1

Academic Year 2020/2021

This module seeks to provide participants with a detailed understanding of the basic principles and practical application of the Irish taxation system with regard to capital acquisitions tax, capital gains tax, stamp duty and VAT.This module aims to provide participants with:(i) A sound knowledge of the basic principles and practical computations applicable to the capital acquisition tax system which incorporates both gift tax and inheritance tax. (ii) The Capital Acquisitions Tax section will provide students with a practical understanding of the major reliefs that operate under this taxation system and the ability to deal with practical applications of same.(iii) The Capital Gains tax section will provide students with a sound knowledge and understanding of the basic principles and computational aspects of the Capital Gains Tax system as they apply to routine Capital Gains Tax transactions. The Capital Gains Tax section will also provide students with an insight into the major Capital Gains Tax reliefs that apply routinely in practice and the ability to deal with basic computations involving same. (iv) Students will be provided with a basic understanding of the principles applicable to the operation of the Stamp Duty system together with details of the more common reliefs and exemptions that apply to that system. (v) Students will be provided with an understanding of the basic principles of routine matters applicable to the Value Added Tax system to enable them to appreciate how the system operates in routine business transactions. The Value Added Tax module will also encompass an introduction to the application of the VAT system to routine property transactions. (vi) Students will understand the operation and importance of the self-assessment system as applied to the above taxes.(vii) Emphasis will be placed on the importance of practical and concise written communication to clients.


Students must attempt all the assessment components of a module.

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Curricular information is subject to change

Learning Outcomes:

By the end of this course, students should be able to: (i) Explain the operation of the self-assessment system as applied to each of the taxes covered in this module. (ii) Prepare routine tax computations for each of the taxes covered in this module, in order to establish the tax liabilities of the relevant parties under these tax headings. (iii) Demonstrate an understanding of the major tax reliefs available under each taxes covered in this module, demonstrate an understanding of the interaction of these taxes in routine asset transactions and communicate such information in a professional format to clients.(iv) Offer basic tax planning advice to clients and be aware of relevant professional ethical issues.

Indicative Module Content:

This module seeks to provide participants with a detailed understanding of the basic principles and practical application of the Irish taxation system with regard to capital acquisitions tax, capital gains tax, stamp duty and VAT.This module aims to provide participants with:(i) A sound knowledge of the basic principles and practical computations applicable to the capital acquisition tax system which incorporates both gift tax and inheritance tax. (ii) The Capital Acquisitions Tax section will provide students with a practical understanding of the major reliefs that operate under this taxation system and the ability to deal with practical applications of same.(iii) The Capital Gains tax section will provide students with a sound knowledge and understanding of the basic principles and computational aspects of the Capital Gains Tax system as they apply to routine Capital Gains Tax transactions. The Capital Gains Tax section will also provide students with an insight into the major Capital Gains Tax reliefs that apply routinely in practice and the ability to deal with basic computations involving same. (iv) Students will be provided with a basic understanding of the principles applicable to the operation of the Stamp Duty system together with details of the more common reliefs and exemptions that apply to that system. (v) Students will be provided with an understanding of the basic principles of routine matters applicable to the Value Added Tax system to enable them to appreciate how the system operates in routine business transactions. The Value Added Tax module will also encompass an introduction to the application of the VAT system to routine property transactions. (vi) Students will understand the operation and importance of the self-assessment system as applied to the above taxes.(vii) Emphasis will be placed on the importance of practical and concise written communication to clients.


Students must attempt all the assessment components of a module.

Student Effort Type Hours
Lectures

38

Small Group

1

Tutorial

8

Specified Learning Activities

10

Autonomous Student Learning

94

Total

151

Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Not applicable to this module.
 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Examination: Final exam: Computation and Essay 3 hour End of Trimester Exam No Alternative non-linear conversion grade scale 50% No

100


Carry forward of passed components
No
 
Resit In Terminal Exam
Summer Yes - 3 Hour
Feedback Strategy/Strategies

• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Not yet recorded.

Autumn
     
Lecture Offering 1 Week(s) - 12 Fri 09:00 - 16:50
Lecture Offering 1 Week(s) - 2, 4, 5, 6, 7, 10, 11 Fri 11:30 - 13:20
Lecture Offering 1 Week(s) - 1 Thurs 11:30 - 13:20
Lecture Offering 1 Week(s) - 8, 10 Thurs 11:30 - 13:20
Autumn
     

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