Corporate Taxation

Course overview

Corporate Taxation provides a fundamental grounding in the structure and principles of UK and international taxation. It provides the framework within which more complex, applied taxation issues are discussed in subsequent AMCT papers.

Corporate Taxation is only available as part of the AMCT Diploma in Treasury. It is not a standalone qualification.

Corporate Taxation is one of four compulsory foundation papers which comprise stage one of the AMCT Diploma in Treasury – the ACT’s core treasury qualification. Only students enrolling on AMCT can book this paper.

Exemptions

• Exemptions from stage one of AMCT are available where prior knowledge can be demonstrated in the form of a relevant qualification.
• Automatic exemptions from stage one of AMCT is available for all UK accountancy qualifications under the fast-track route.

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Learning outcomes

Following completion of the course you will be able to:

• Understand the structure and the principles of the various corporation taxation systems affecting corporate activity with particular reference to the UK, Europe and the US.
• Understand the general principles of corporation tax assessment, capital allowances, loss reliefs and payment structure.
• Apply the basic principles of capital gains tax, value added tax and the taxation of groups.
• Understand some key issues relating to international taxation and tax planning.
• Apply the relevance of taxation in a treasury environment and the taxation of basic treasury instruments.
• Apply the techniques used in investment appraisal.
• Understand the sources, types and applications of finance.

Course content

Study Unit 1 – The UK tax system

General principles of taxation
Impact of the European Union
UK tax system – structure, administration, self-assessment system

Study Unit 2 – Principles of taxation

Income tax
Principles of taxing trading income
Payroll taxes

Study Unit 3 – Corporation tax

Profits chargeable to corporation tax
Basis of assessment and charge
Computation of trading profits and losses
Rates of corporation tax
Payment of corporation tax
Loss reliefs
Capital allowances

Study Unit 4 – Calculation of chargeable gains

Introduction and history
The charge to tax
Computation of chargeable gains and losses
Losses and reliefs

Study Unit 5 – Value added tax

Introduction and history
Liability to VAT
Partial exemption
Capital goods scheme
Administration and payment
VAT grouping
The Single European Market

Study Unit 6 – Taxation of UK groups

Definition of groups
Group relief
Group income
Capital gains tax and substantial shareholding exemption
Tax management in UK groups

Study Unit 7 – International tax issues

International tax environment
Principles of US taxation
Principles of European taxation
Company residence
Tax havens
Permanent establishment
Taxation of company profits, dividend distributions, withholding tax and double taxation treaties
Holding company structures
Controlled foreign companies
Transfer pricing
Funding subsidiaries and thin capitalisation
Current issues

Study Unit 8 – Taxation and the treasury function

Key tax issues in a treasury environment
Taxation of interest
“Short” interest and yearly interest
Taxation of derivative financial instruments
Taxation of foreign exchange gains and losses
VAT in the treasury environment

Study Unit 9 – Transaction Taxes

UK stamp duty
European capital duties
European property taxes

Study tools

• A comprehensive course manual
• e-learning website providing access to the course manual, past/pilot papers, glossary, student resources and ask the tutor

What’s included: Course manual (print and online) and access to the e-learning website.

You will need: Access to a computer with internet connection.

Entry requirements

Due to the course being written and examined in English, students will need to possess a good standard of both written and spoken English.

Tuition and revision

Optional tuition

The four day optional tuition course covers core topics. Tuition has been tailored to cover the key areas of the course – reinforcing and improving knowledge. Tuition days complement your home study; each day is intensive, covering a number of topics in detail with lecturers, worked examples and tutorial sessions.

You can book onto the optional tuition course when you enrol or up to 10 days before the start of the courses.

• Meet the tutors

Assessment and examination

Students are assessed by a three-hour written exam.

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