ACCA-ATX- Advanced Taxation
ACCA ATX – Advanced Taxation – United Kingdom (ATX-UK) is one of the four specialized Professional Level papers of ACCA which aims to apply relevant knowledge and skills and exercise professional judgement in providing relevant information and advice to individuals and businesses on the impact of the major taxes on financial decisions and situations.
The Advanced Taxation – United Kingdom (ATX-UK) syllabus further develops the key aspects of taxation introduced in the compulsory Taxation – United Kingdom (TX-UK) syllabus within the Applied Skills module and extends the candidates’ knowledge of the tax system, together with their ability to apply that knowledge to the issues commonly encountered by individuals and businesses, such that successful candidates should have the ability to interpret and analyze the information provided and communicate the outcomes in a manner appropriate to the intended audience.
The syllabus builds on the basic knowledge of core taxes from the earlier taxation exam and introduces candidates to stamp taxes. As this is an optional exam, aimed at those requiring/desiring more than basic tax knowledge for their future professional lives, the syllabus also extends the knowledge of income tax, corporation tax, capital gains tax and inheritance tax to encompass, further overseas aspects of taxation, the taxation of trusts and additional exemptions and reliefs.
Computations will normally only be required in support of explanations or advice and not in isolation.
Candidates are not expected to concentrate on the computational aspects of taxation. Instead this exam seeks to develop candidates’ skills of analysis, interpretation and communication. Candidates are expected to be able to use established tax planning methods and consider current issues in taxation.
On successful completion of this exam, candidates should be able to:
- Apply further knowledge and understanding of the UK tax system through the study of more advanced topics within the taxes studied previously and the study of stamp taxes
- Identify and evaluate the impact of relevant taxes on various situations and courses of action, including the interaction of taxes
- Provide advice on minimizing and/or deferring tax liabilities by the use of standard tax planning measures
- Communicate with clients, HM Revenue and Customs and other professionals in an appropriate manner.
Students are awarded a Professional Level Certificate when they have successfully completed all of the exams in the Professional level of the ACCA Qualification (SBL & SBR and any two of the Options papers from AFM-AAA ).
- Lectures : 25
- Revision Classes: 2
- Duration: 6 Month
- Skill level: Advanced/ Professional
- Language: English
- Students: 10
- Case Study Assessment: 2
- Exam Type : Paper Based
- Exam Format : Section A : Question 1 of 35 marks, including 4 professional marks, and question 2 of 25 marks; Section B: 2 questions out of 3 of 20 marks each
- Exam Duration: 3 hours
- Pass Marks : 50%
PER: Performance Objectives
|· PO1 – PROFESSIONALISM AND ETHICS||· PO15 – TAX COMPUTATIONS AND ASSESSMENTS|
|· PO16 – TAX COMPLIANCE AND VERIFICATION|
|· PO17 – TAX PLANNING AND ADVICE|
- Lectures 25
- Quizzes 3
- Duration 6 Months
- Skill level All levels
- Language English
- Students 586
- Assessments Yes
- Income and income tax liabilities in situations involving further overseas aspects and in relation to trusts, and the application of additional exemptions and reliefs.
- Chargeable gains and capital gains tax liabilities in situations involving further overseas aspects and in relation to closely related persons and trusts, and the application of additional exemptions and reliefs
- Inheritance tax in situations involving further aspects of the scope of the tax and the calculation of the liabilities arising, the principles of valuation and the reliefs available, transfers of property to and from trusts, overseas aspects and further aspects of administration.
- Value added tax, tax administration and the UK tax system
- Stamp taxes
- Corporation tax liabilities in situations involving overseas and further group aspects and in relation to special types of company, and the application of additional exemptions and reliefs
- Taxes applicable to a given situation or course of action and their impact
- Alternative ways of achieving personal or business outcomes may lead to different tax consequences
- Taxation effects of the financial decisions made by businesses (corporate and unincorporated) and by individuals
- Case Study Assessment – 01
- Statutory obligations imposed in a given situation, including any time limits for action and the implications of non-compliance.
- Tax advantages and/or disadvantages of alternative courses of action
- Types of investment and other expenditure that will result in a reduction in tax liabilities for an individual and/or a business
- Legitimate tax planning measures, by which the tax liabilities arising from a particular situation or course of action can be mitigated
- The appropriateness of such investment, expenditure or measures, given a particular taxpayer’s circumstances or stated objectives
- The mitigation of tax in the manner recommended, by reference to numerical analysis and/or reasoned argument
- Current issues in taxation.
- Ethical and professional issues arising from the giving of tax planning advice
- Communication of advice, recommendations and information in the required format
- Presentation of written information, in language appropriate to the purpose of the communication and the intended recipient
- Conclusions reached with relevant supporting computations
- Assumptions made or limitations in the analysis provided, together with any inadequacies in the information available and/or additional information required to provide a fuller analysis
- Case Study Assessment – 02
- Other non-tax factors that should be considered
- Revision Class – 1
- Revision Class – 2
- Solve Class
- Mock Test