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Tax Exam Main Topics

Section B of the taxation exam will consist of six computational questions, with four being worth 10 marks and two being worth 15 marks. The 10-mark questions can cover any area of the syllabus, so students must study the entire syllabus. The 15-mark questions will focus on income tax and corporation tax. Section B questions will predominantly involve computations, but may also contain written elements. The key syllabus areas that are most likely to be examined include income tax, chargeable gains, inheritance tax, corporation tax, and value added tax.

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104 views2 pages

Tax Exam Main Topics

Section B of the taxation exam will consist of six computational questions, with four being worth 10 marks and two being worth 15 marks. The 10-mark questions can cover any area of the syllabus, so students must study the entire syllabus. The 15-mark questions will focus on income tax and corporation tax. Section B questions will predominantly involve computations, but may also contain written elements. The key syllabus areas that are most likely to be examined include income tax, chargeable gains, inheritance tax, corporation tax, and value added tax.

Uploaded by

Simon Yossef
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Taxation Exam :Recheck

Section B
Section B will be comprised of four 10-mark questions and two 15-mark questions.
The four 10-mark questions could be on any area of the syllabus. Given that Section A is the same, this
means that it is very important for students to study the whole of the syllabus.
The two 15-mark questions will focus on income tax (syllabus area B) and corporation tax (syllabus
area E).
Questions in Section B will be predominantly computational, although each question may contain
written elements, and it is possible that an entirely written answer might be required.
The most important syllabus areas that you can expect to see frequently examined are as follows:
Income tax
Income from employment (in particular, the income assessable, the allowable deductions and
benefits).
Income from self-employment (in particular, the basis of assessment, the expenditure that is
allowable, assessable profits on commencement and cessation, capital allowances and relief for
trading losses).
Property and investment income (in particular, property business profits, savings income and
dividend income).
The computation of taxable income and the income tax liability.
The self-assessment system.
The time limits for the submission of information, claims and payment of tax.
Chargeable gains

Computation of a persons chargeable gains.


Computation of the amount of allowable expenditure for a part disposal.
Computation of the chargeable gain when a chattel is disposed of.
Computation of the exemption when a principal private residence is disposed of.
The share identification rules as they apply to individuals and to companies.
The computation of the capital gains tax payable by individuals.
Exemptions and reliefs (entrepreneurs relief, rollover relief and holdover relief for gifts).

Inheritance tax (IHT)

The seven-year accumulation principle.


The IHT liabilities arising on lifetime transfers.
The IHT liability on a death estate.
The annual exemption and the exemption for gifts between spouses.
The payment of IHT.

Corporation tax
Taxable total profits (in particular, the expenditure that is allowable in calculating the taxadjusted trading profit, capital allowances, property business profits, chargeable gains and relief
for trading losses).
Computation of the corporation tax liability.
Value added tax (VAT)
The circumstances in which a person must register for VAT.
The computation of VAT liabilities (in particular, the tax point, the valuation of supplies, nondeductible input VAT and relief for impairment losses on trade debts).
The cash accounting, annual accounting and flat rate schemes.
Finance Act article
Candidates sitting Paper F6 (UK), Taxation should read the relevant Finance Act article which is
published each year on the ACCA website as this article is highly relevant to Paper F6 (UK).

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