3 Hours Students may, subject to Faculty approval, have the opportunity to resit this module, normally during the supplementary examination period.
100%
Learning outcomes
On successful completion of this module students should be able to:
1. Describe and apply the basic rules of UK taxation, in particular those relating to Income Tax, Capital Gains Tax, Corporation Tax, Inheritance Tax and Value Added Tax;
2. Evaluate potential bases of taxation in terms of their efficiency, equity and cost of compliance;
3. Identify and critically discuss the key issues in taxation at the inter-state level;
4. Critically discuss the possible influences of taxation on the functioning of capital markets; and
5. Evaluate the economic significance of current developments in taxation.
Brief description
The module focuses on four main aspects: (i) the economic characteristics and assessment of effective tax system design; (ii) a broad description of the UK tax system; (iii) international considerations including tax co-ordination, competition and the taxation of e-commerce; and (iv) conceptual issues in tax planning and the impact of taxation on capital markets.
Aims
The module is designed to provide students with an understanding of the principles underlying the design of an effective taxation system, an introduction to the UK Tax System and an appreciation of current policy issues in taxation.
Content
The content is delivered in six sections:
1. Introduction to taxation: including consideration of the objectives and evaluation of taxation systems.
2. The UK Tax System: Income Tax, Corporation Tax, Capital Gains Tax, Inheritance Tax and Value Added Tax.
3. Principles of Taxation: incidence, efficiency, equity, complaince and administrative costs.
4. International Taxation: taxation of cross border transactions and interaction between jurisdictions.
5. Current issues in taxation policy: E-commerce and tax competition.
6. Principles of tax planningand capital market effects of taxation.
Transferable skills
Students taking this module will have the opportunity to develop and practice a wide range of transferable skills. In lectures students will develop listening and note taking skills. In preparation for tutorials students will develop their reading, note taking, analytical, independent research, writing and IT skills. Tutorial discussions will help students to develop their listening, explaining and debating skills, as well as team work and problem solving. The examination will test students' analytical and writing skills under time constraints.
Module Skills
Reading Lists
Books
There is no one single textbook that covers the syllabus. Instead students are recommended to have ready access to the following three texts: S James and C Nobes (2002/3) Economics of Taxation,
7th edition. Financial Times Prentice Hall
A Lymer, L Oats and D Hancock (2004-05) Taxation: Policy and Practice,
11th edition. Accounting Education. (10th edition by A Lymer, L Oats and D Hancock can be used if allowance is made for subsequent change in legislation)
J E Stiglitz (2000) Economics of the Public Sector,
3rd edition. W W Norton & Company
The following four texts will be required reading for parts of the module: (2002) The International Taxation System,
edited by A Lymer and J Hasseldine, Boston: Kluwer Academic Publishers
M S Scholes, M A Wolfson, M Erickson, E L Maydew and T Shevlin (2002) Taxes and Business Strategy: A Planning Approach,
2nd edition. Prentice Hall
(1996) The Economics of Tax Policy,
edited by M P Devereux, Oxford University Press
(2004) Taxation - An Interdisciplinary Approach to Research,
edited by M Lamb, A Lymer, J Freedman and S James, Oxford University Press
In addition to the above texts students are required to read a number of journal articles. A full reading list and module outline is available via Blackboard (http://alto.aber.ac.uk/)
and will be distributed in the first lecture