January Table 3 - Personal taxation pages 13 and 14

Transcription

1 Personal Taxation (R03) Wizard Learning Personal taxation Online Multimedia Course contents Gap covered as per the FSA gap fill template from final RDR rules (PS11/01) from January Table 3 - Personal taxation pages 13 and 14 Gaps listed in the CII gap fill tool (as at September 2011) - these were taken by the CII from the FSA consultation document individuals and trusts: Explain the main features of UK tax compliance individuals and trusts: Explain the main features of UK tax compliance Chapter 1 UK tax compliance and self-assessment * UK tax compliance self assessment, Pay as You Earn (PAYE), tax returns, tax Learning Outcome 1.6 payments, tax evasion and avoidance issues trusts: Explain the main features of UK tax compliance 1.1 UK taxation 1.2 Employed or self employed 1.3 How self-assessment works 1.4 How Pay As You Earn (PAYE) works 1.5 Tax avoidance and tax evasion 1.6 Tax planning in practice trusts: Explain the main features of UK tax compliance 75: UK tax compliance - selfassessment, tax returns, tax payments, evasion and avoidance issues LEARNING MATERIAL: 4,419 words; 23 minutes of audio & audiovisual presentations; 6 test your knowledge questions; 2 workbook examples; 12 questions in the final assessment individuals and trusts: Explain the main features of income tax Chapter 2 Income Tax Learning Outcome 1.1 trusts: Explain the main features of income tax individuals and trusts: Explain the main features of income tax * Income tax - sources of income, liability, allowances, reliefs, priorities for taxing income, income of trusts and beneficiaries 2.1 Introduction to Income Tax 2.2 Types of income - Trading activities (2.2.1), Employment income (2.2.2), Income from property (2.2.3), Savings and Investment income (2.2.4) 2.3 Tax deduction at source 2.4 Deductions from income 2.5 Personal Allowances 2.6 Calculating the tax charge 2.7 Taxation of children s income 2.8 Income tax and trusts LEARNING MATERIAL: 4,300 words; 36 minutes of audio & audiovisual presentations; 4 test your knowledge question; 11 workbook examples; 8 questions in the final assessment

2 individuals and trusts: Explain the main features of National Insurance Contributions (NICs) individuals and trusts: Explain the main features of National Insurance Contributions (NICs) Chapter 3 National Insurance Contributions * National Insurance Contributions (NICs) - liability for employers, employees, selfemployed contribution levels, voluntary NICs Learning Outcome 1.2 trusts: Explain the main features of National Insurance Contributions (NICs) 74: national insurance contributions (NICs), liability for employers, employees, voluntary NICs 3.1 Introduction to National Insurance Contributions 3.2 Classes of National Insurance Contributions Class 1: Directors and employees Class 2: Self-employed people Class 3: Voluntary contributions Class 4- Self-employed people 3.3 Rates of National Insurance Contributions 3.4 Calculating National Insurance Contributions 3.5 Annual Maximums 3.6 Collection of National Insurance Contributions 3.7 National Insurance Credits 3.8 Other Issues LEARNING MATERIAL: 5,555 words; 42 minutes of audio & audiovisual presentations; 6 test your knowledge questions; 11 workbook examples; 11 questions in the final assessment individuals and trusts: Explain the main features of Capital Gains Tax Chapter 4 Capital Gains Tax Learning Outcome 1.3 trusts: Explain the main features of Capital Gains Tax 4.1 Introduction to Capital Gains Tax 4.2 Disposals 4.3 Consideration and valuation 4.4 Exempt assets 4.5 Annual exemption 4.6 Calculating the gain 4.7 Calculating the tax 4.8 Reliefs 4.9 Treatment of shares 4.10 Paying CGT 4.11 Links to Income Tax and IHT 4.12 CGT and Trusts LEARNING MATERIAL: 8,200 words; 11 test your knowledge questions; 13 workbook examples; 20 questions in the final assessment individuals and trusts: Explain the main features of Capital Gains Tax * Capital Gains Tax (CGT) liability, rate, disposals, gains and losses, reliefs and exemptions, capital gains of trusts

3 individuals and trusts: Explain the main features of Inheritance Tax Chapter 5 Inheritance Tax Learning Outcome 1.4 trusts: Explain the main features of Inheritance Tax 5.1 Introduction 5.2 Liability for Inheritance Tax 5.3 Rates of Inheritance Tax 5.4 Valuation of property 5.5 Cumulation principles 5.6 Lifetime transfers 5.7 Gifts with reservation 5.8 Transfers on death 5.9 Reliefs 5.10 Settlements 5.11 Pre-owned assets tax (POAT) 5.12 Paying Inheritance Tax 5.13 Inheritance Tax and Trusts LEARNING MATERIAL: 8,745 words; 11 test your knowledge questions; 14 workbook examples; 23 questions in the final assessment individuals and trusts: Explain the main features of Inheritance Tax * Inheritance Tax (IHT) - liability, transfers, nil rate band, rates, reliefs and exemptions, assets held in trusts, transfers to and from trusts trusts: Explain the main features of Inheritance Tax 88: the main uses of lifetime gifts in basic IHT mitigation; the main uses of lifetime trusts in basic IHT mitigation individuals and trusts: Explain the implications of residence and domicile on tax liability Chapter 6 Residence and domicile Learning Outcome 1.5 trusts: Explain the implications of residence and domicile on tax liability 6.1 Introduction 6.2 Residence in the UK 6.3 Ordinary residence 6.4 Domicile 6.5 Liability to tax of UK domiciled individuals 6.6 Liability to tax of non-uk domiciled individuals 6.7 Self-assessment 6.8 Double Taxation Relief 6.9 Offshore trusts 6.10 Other factors LEARNING MATERIAL: 8,745 words; 11 test your knowledge questions; 23 questions in the final assessment individuals and trusts: Explain the implications of residence and domicile on tax liability trusts: Explain the implications of residence and domicile on tax * Residence and domicile main rules, impact on liability to income tax, CGT and IHT 76: residence and domicile - impact on income tax, capital gains tax (CGT) and inheritance tax (IHT)

4 individuals and trusts: Explain stamp duty reserve tax and stamp duty land tax Chapter 7 Stamp duties Learning Outcome 1.7 trusts: Explain stamp duty reserve tax and stamp duty land tax individuals and trusts: Explain stamp duty reserve tax and stamp duty land tax * Stamp duty reserve tax and stamp duty land tax - transactions subject to tax, rates of tax, main reliefs trusts: Explain stamp duty reserve tax and stamp duty land tax 77: stamp duty land tax, transitions subject to tax, main reliefs 7.1 Introduction 7.2 Stamp duty land tax 7.3 Stamp duty and stamp duty reserve tax LEARNING MATERIAL: 777 words; 2 test your knowledge questions; 5 questions in the final assessment individuals and trusts: Describe the rules and impact of VAT and Corporation Tax individuals and trusts: Describe the rules and impact of VAT and Corporation Tax trusts: Describe the rules and impact of VAT and Corporation Tax Chapter 8 Value Added Tax (VAT) and Corporation Tax Learning Outcome 1.8 trusts: Describe the rules and impact of VAT and Corporation Tax * Outline of Value Added Tax (VAT) and Corporation Tax 78: outline of Value Added Tax (VAT). 8.1 Introduction 8.2 Definition of VAT 8.3 Registering for VAT 8.4 Applying VAT 8.5 Rates of VAT 8.6 Special schemes 8.7 Accounting for VAT 8.8 Definition of Corporation Tax 8.9 The scope of Corporation Tax 8.10 Corporation Tax financial years and rates 8.11 Calculating Corporation Tax liability 8.12 Close companies and close investment companies 8.13 Paying and accounting for Corporation Tax LEARNING MATERIAL: 3,966 words; 10 test your knowledge questions; 4 workbook examples; 13 questions in the final assessment

5 Analyse the taxation of investments as circumstances of individuals and trusts: Analyse the taxation of direct investments Analyse the taxation of investments as circumstances of individuals and trusts: Analyse the taxation of direct investments Analyse the taxation of investments as relevant to the needs and circumstances of individuals and trusts: Analyse the taxation of direct investments Chapter 9 Direct investments * Direct investments cash and cash equivalents, fixed interest securities, equities and Learning Outcome 2.1 Analyse the taxation of investments as property trusts: Analyse the taxation of direct investments 9.1 Introduction 9.2 Cash deposits and fixed interest securities 9.3 Shares 9.4 Property LEARNING MATERIAL: 6,156 words; 3 test your knowledge questions; 5 workbook examples; 6 questions in the final assessment 79: direct investments - cash and cash equivalents, fixed interest, securities, equities and property. Analyse the taxation of investments as circumstances of individuals and trusts: Analyse the taxation of indirect investments Analyse the taxation of investments as circumstances of individuals and trusts: Analyse the taxation of indirect investments Analyse the taxation of investments as relevant to the needs and circumstances of individuals and trusts: Analyse the taxation of indirect investments Chapter 10 Indirect Investments Learning Outcome 2.2 Analyse the taxation of investments as trusts: Analyse the taxation of indirect investments 10.1 Introduction 10.2 Registered pension schemes 10.3 ISAs and child trust funds 10.4 UK collectives 10.5 Offshore collectives 10.6 Guaranteed equity bonds 10.7 UK life assurance policies 10.8 Offshore life assurance policies 10.9 Taxation of life assurance policies in trust Real estate investment trusts, collectives, pensions, bonds Enterprise investment schemes Venture capital trusts LEARNING MATERIAL: 14,970 words; 11 test your knowledge questions; 11 workbook examples; 24 questions in the final assessment * Indirect investments: pension arrangements; Individual Savings Accounts (ISAs) and Child Trust Funds (CTFs); onshore and offshore collectives and investment companies; onshore and offshore life assurance policies; Real Estate Investment Trusts (REITS); Venture Capital Trusts (VCTs) and Enterprise Initiative Schemes (EISs) - basic outline 80: indirect investments - pension arrangements 81: indirect investments - Individual Savings Accounts (ISAs) 82: indirect investments - Child Trust Funds (CTFs) 83: indirect investments - onshore and offshore collectives and investment companies 84: indirect investments - onshore and offshore life assurance policies 85: indirect investments - Real Estate Investment Trusts (REITs) 86: indirect investments - Venture Capital Trusts (VCTs) 87: indirect investments - Enterprise Investment Schemes (EISs)

6 Analyse the role and relevance of tax in the financial affairs of individuals and trusts Chapter 11 Tax in the financial affairs of individuals and trusts Learning Outcome 3 Analyse the role and relevance of tax in the financial affairs of individuals and trusts 11.1 Introduction 11.2 General tax planning 11.3 Income tax planning 11.4 NIC planning 11.5 Pension planning 10.6 Estate and IHT planning Analyse the role and relevance of tax in the financial affairs of individuals and trusts * The impact of taxes on individuals, trusts and their investments * Key principles of income tax planning spouse, civil partners, children, pension contributions, ISA allowances, use of the main CGT exemptions and reliefs * Main uses of lifetime gifts and trusts in basic IHT mitigation LEARNING MATERIAL: 4,365 words; 5 test your knowledge questions; 9 questions in the final assessment Apply the knowledge of personal taxation to the provision of investment advice Apply the knowledge of personal taxation to the provision of investment advice Apply the knowledge of personal taxation to the provision of investment advice: Chapter 12 Personal tax and investment advice Learning Outcome 4 Apply the knowledge of personal taxation to the provision of investment advice 12.1 Personal tax computations 12.2 Investment income planning 12.3 Capital gains tax planning 12.4 Tax-free investments 12.5 EISs and VCTs 12.6 Life assurance based investments 12.7 Overseas tax planning LEARNING MATERIAL: 4,442 words; 6 test your knowledge questions; 8 questions in the final assessment * To carry out computations on the most common elements of income tax and NICs; CGT; IHT including the impact of lifetime transfers and transfers at death * To make elementary tax planning recommendations in the context of investment advice 89: carry out the most common tax computations, including the impact of lifetime transfers and transfers at death 90: make essential tax planning recommendations regarding investments and pensions