Taxation

Module Title	Taxation
Module Code	25-5036-00S
Semester of Delivery	See Module Information Table
Mandatory/Elective/Option	See Module Information Table
Level	5
Credit Points	20

Assessment Mode Weighting	Examination	100 %


Pre-requisites	Financial Accounting
Co-requisites	None

Class Contact Hours
Average Weekly	2.5

Directed Learning
Average Weekly	10

Module Leader	Chris Blore
	Sheffield Business School
Module Banding	A
Approval Status	Validated

Rationale

Students entering employment in the accounting or finance fields will often be involved in decision making that will include taxation, either as the primary factor or as a secondary consideration. The ability to understand and apply the principles of taxation is therefore an important skill for finance specialists.

Summary of Aims

To provide students with an understanding of the principles of taxation in a Moduleed Kingdom context.
To enable students to appreciate the relevance of the taxation system to decisions made:

in business organisations, and
as individuals.

Anticipated Learning Outcomes

On completion of the module, students should be able to:

Define and explain the basic concepts of taxation using appropriate terminology
Identify the relevant legislation, administrative pronouncements and judicial precedents applicable in various situations
Apply the taxation rules, with numerical accuracy, to various situations
Explain and discuss the impact of taxation on business and personal decisions.

Assessment and Feedback Strategy

Formative assessment is by way of multiple choice test(s) to be made available to students throughout the semester.

Summative assessment is by way of 100% final examination in which students are required to demonstrate accuracy in the application of the taxation rules to various scenarios. The examination will typically include a multiple choice component of approximately 20%, the balance comprising case study analyses of the application of the taxation rules.

Module Assessment Criteria

Learning Outcome	Assessment Method	Level descriptors
Learning Outcome	Assessment Method	Fail	Pass	2.2	2.1	First
Outcome 1	Examination	Little or no ability to define basic concepts. Very poor recall of learning support materials	Some ability to define basic concepts. Few concepts are adequately explained. Adequate recall of learning support materials.	Some ability to define basic concepts. Some concepts are explained appropriately. Good recall of learning support materials	Good ability to define basic concepts. Most concepts accurately and appropriately explained. Good recall of learning support materials	Able to define and explain all major concepts using appropriate terminology Excellent recall of learning support materials
Outcome 2	Examination	Failure to identify relevant rules and principles	Some basic rules and principles are correctly identified Some errors in identifying the relevant rules	A majority of relevant rules and principles are correctly identified	Most relevant rules and principles are correctly identified	All relevant rules and procedures correctly identified
Outcome 3 Apply Tax rules	Examination	Inaccurate selection of data and inappropriate application of methods and procedures.	Some errors in either selection of data or application of methods and procedures.	Most data selections accurate. Some errors in application of methods and procedures	Most data selections accurate. A few errors in application of methods and procedures	All data accurately selected. No or only minor errors in application of methods and procedures
Outcome 3 Numerical accuracy	Examination	Little or no accurate computations. Inaccurate or inappropriate use of formats in presenting final results	Some errors in calculations. Adequate use of formats in presenting final results	The majority of calculations are correct. Clear use of formats in presenting final results	Minor computational errors only. Good use of formats in presenting final results	No or only Minor errors in computations. Excellent use of formats in presenting final results
Outcome 4	Examination	Little or no understanding of the impact of taxation on business or personal decisions	Limited understanding of the impact of taxation on business and personal decisions	A clear understanding of the impact of taxation on business and personal decisions	Good understanding of the impact of taxation on business and personal decisions	Excellent understanding of the impact of taxation on business and personal decisions

Teaching and Learning Strategy and Methods

Topics will be introduced by way of lectures and developed in seminars whereon students will be given the opportunity to develop analytical skills and apply the subject material to case studies that reflect the "real world" situation.

Indicative Content

The function of taxation as a source of public revenue and as an instrument of economic policy, definition of 'tax', incidence of direct and indirect taxes, concept of planning for mitigation of tax liabilities.
Structure and administration of the Moduleed Kingdom system of taxation, assessment, collection, interest, penalties and appeals.
Scope of corporation tax, imputation system, small companies provisions, definition and taxation of trading income, utilisation of tax losses.
Taxation of individuals, scope and structure of income tax, assessment of benefits in kind, tax efficient savings and investment for individuals
Capital gains tax principles and computations, reliefs and exemptions.
Value added tax principles and computations

Indicative Reading List

Melville Taxation FT Prentice Hall, current edition

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