ACCA p6 KAPLAN STUDY TEXT 2021 2022 1

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Paper Introduction

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How to Use the Materials

These Kaplan Publishing learning materials have been carefully designed to make your learning experience as easy as possible and to give you the best chance of success in your examinations.

The product range contains a number of features to help you with the study process. They include:

The sections on the study guide, the syllabus objectives, the examination and study skills should all be read before you commence your studies. They are designed to familiarise you with the nature and content of the examination and give you tips on how to best approach your learning.

The complete text or essential text comprises the main learning materials and gives guidance as to the importance of topics and where other related resources can be found. Each chapter includes:

(1) Detailed study guide and syllabus objectives(2) Description of the examination

(3) Study skills and revision guidance(4) Tax rates and allowances

(5) Complete text or essential text(6) Question practice

• The learning objectives contained in each chapter, which have been carefully mapped to the examining body's own syllabus learning objectives or outcomes. You should use these to check you have a clear understanding of all the topics on which you might be assessed in the examination

• The chapter diagram provides a visual reference for the content in the chapter, giving an overview of the topics and how they link together

• The content for each topic area commences with a brief explanation or definition to put the topic into context before covering the topic in detail.

You should follow your studying of the content with a review of the examples. These are worked examples which will help you to understand better how to apply the content for the topic

• Test your understanding sections provide an opportunity to assess

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Online subscribers Our online resources are designed to increase the flexibility of your learning materials and provide you with immediate feedback on how your studies are progressing.

If you are subscribed to our online resources you will find:

Ask your local customer services staff if you are not already a subscriber and wish to join.

(1) Online reference material: reproduces your Complete or Essential Text online, giving you anytime, anywhere access

(2) Online testing: provides you with additional online objective testing so you can practice what you have learned further

(3) Online performance management: immediate access to your online testing results. Review your performance by key topics and chart your achievement through the course relative to your peer group

Paper background

The aim of ACCA Paper P6, Advanced Taxation, is 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.

Objectives of the syllabus

On the successful completion of this paper 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 minimising 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

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A 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

(1) Income and income tax liabilities in situations

involving further overseas aspects and in relation to trusts, and the application of exemptions and reliefs

– B6 National insurance contributions for employed and selfemployed persons

– B7 The use of exemptions and reliefs in deferring and minimising income tax liabilities

The following additional material is also examinable:

(b) The scope of income tax: [3]

(i) Explain and apply the concepts of residence and

domicile and advise on the relevance to income tax

1,10

(ii) Advise on the availability of the remittance basis to UK resident individuals [2]

10

(iii) Advise on the tax position of individuals coming to and leaving the UK

10

(iv) Determine the income tax treatment of overseas income

10

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(vi) Understand the relevance of the OECD model double

tax treaty to given situations (vii) Calculate and advise on the double taxation relief available to individuals

10

(c) Income from employment: [3]

(i) Advise on the tax treatment of share option and share incentive schemes, including employee shareholder shares

2

(ii) Advise on the tax treatment of lump sum receipts 2 (iii) Advise on the overseas aspects of income from

employment, including travelling and subsistence expenses

10

(iv) Identify personal service companies and advise on the

tax consequences of providing services via a personal service company

26

(d) Income from self employment: [3]

(i) Advise on a change of accounting date 17

(ii) Advise on the relief available for trading losses following the transfer of a business to a company

18

(iii) Recognise the tax treatment of overseas travelling expenses

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(f) The comprehensive computation of taxable income

and the income tax liability: [3]

(i) Understand the allocation of the personal allowance to different categories of income

(2) Chargeable gains and capital gains tax liabilities in

situations involving further overseas aspects and in

relation to closely related persons and trusts together

with the application of additional exemptions and

– C4 Gains and losses on the disposal of shares and securities

– C5 The computation of capital gains tax– C6 The use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets

The following additional material is also examinable (b) The scope of the taxation of capital gains: [3]

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(ii) Define a qualifying corporate bond (QCB), and

understand what makes a corporate bond non

qualifying. Understand the capital gains tax implications of the disposal of QCBs in exchange for cash or shares

8

(iii) Apply the rules relating to reorganisations,

reconstructions and amalgamations and advise on the most tax efficient options available in given

9

(v) Understand the capital gains tax implications of the

variation of wills

13

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(3) 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

– D3 The use of exemptions in deferring and minimising inheritance tax liabilities

– D4 Payment of inheritance tax

The following additional material is also examinable (b) The scope of inheritance tax:

(i) Explain the concepts of domicile and deemed domicile

and understand the application of these concepts to inheritance tax [2]

11,13

(ii) Identify excluded property [2] 11 (iii) Identify and advise on the tax implications of the

13

(c) The basic principles of computing transfers of value:

(i) Advise on the principles of valuation [3] 12 (ii) Advise on the availability of business property relief

and agricultural property relief [3]

12 (iii) Identify exempt transfers [2] 11

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(a) The contents of the Paper F6 study guide, for

corporation tax, under headings: [2]

– E1 The scope of corporation tax– E2 Taxable total profits

– E3 Chargeable gains for companies– E4 The comprehensive computation of the corporation tax liability

– E5 The effect of a group structure for corporation tax purposes

– E6 The use of exemptions and reliefs in deferring and minimising corporation tax liabilities

The following additional material is also examinable:

(b) The scope of corporation tax: [3]

(i) Identify and calculate corporation tax for companies with investment business

23

(ii) Close companies:

– Apply the definition of a close company to given

situations– Conclude on the tax implications of a company being

a close company or a close investment holding company

26

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(c) Taxable total profits: [3]

(i) Identify qualifying research and development

expenditure, both capital and revenue, and determine the reliefs available by reference to the size of the individual company/group

23

(ii) Recognise the relevance of a company generating profits attributable to patents

23

(iii) Identify the enhanced capital allowances available in

respect of expenditure on green technologies, including the tax credit available in the case of a loss making company

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27

(vii) Determine the degrouping charge where a company

leaves a group within six years of receiving an asset by way of a no gain/no loss transfer

27

(viii)Determine the effects of the antiavoidance provisions,

where arrangements exist for a company to leave a group

27

(ix) Advise on the tax treatment of an overseas branch 28 (x) Advise on the relief for trading losses incurred by an

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(5) Stamp taxes (stamp duty, stamp duty reserve tax, and

stamp duty land tax)

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– A4 The time limits for the submission of information, claims and payment of tax, including payments on account

– A5 The procedures relating to compliance checks, appeals and disputes

– A6 Penalties for noncompliance

(i) Advise on the increased penalties which apply in relation to offshore matters [2]

achieving personal or business outcomes may lead

to different tax consequences

17,18,26

29

(a) Calculate the receipts from a transaction, net of tax and

compare the results of alternative scenarios and advise on the most tax efficient course of action. [3]

5,15,17 18,13

(3) Advise how taxation can affect the financial decisions made by businesses (corporate and unincorporated) and by individuals

(a) Understand and compare and contrast the tax

treatment of the sources of finance and investment products available to individuals. [3]

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(4) Assess the tax advantages and disadvantages of

alternative courses of action.[3] 18,26,29 5,13,17

(5) Understand the statutory obligations imposed in a

given situation, including any time limits for action

and advising on the implications of noncompliance

[3]

16,17,24 25,26,27

29

C MINIMISE AND/OR DEFER TAX LIABILITIES BY THE

USE OF STANDARD TAX PLANNING MEASURES

(1) Identify and advise on the types of investment and

other expenditure that will result in a reduction in tax

liabilities for an individual and/or a business.[3]

3,15,17 25,29 (2) Advise on legitimate tax planning measures, by

which the tax liabilities arising from a particular

situation or course of action can be mitigated [3]

5,13,17 18,24,26 27,29 (3) Advise on the appropriateness of such investment,

expenditure or measures given a particular

taxpayer’s circumstances or stated objectives.[3]

5,17,25 26,27,29

(4) Advise on the mitigation of tax in the manner

recommended by reference to numerical analysis

and/or reasoned argument.[3]

5,17,24 26,27,29

(5) Be aware of the ethical and professional issues

arising from the giving of tax planning advice.[3] 5,15,16 26,29

(6) Be aware of and give advice on current issues in

taxation.[3] 5,16,26 29

D COMMUNICATE WITH CLIENTS, HM REVENUE AND

CUSTOMS AND OTHER PROFESSIONALS IN AN

APPROPRIATE MANNER

(1) Communicate advice, recommendations and

information in the required format:[3] 5,16,29

For example the use of:

– Reports

– Letters– Memoranda– Meeting notes

(2) Present written information, in language appropriate

to the purpose of the communication and the

intended recipient.[3]

(3) Communicate conclusions reached, together, where

necessary with relevant supporting computations.[3]

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Level 1 (knowledge and comprehension) broadly equates with the Knowledge module.

Level 2 (application and analysis) with the Skills module.

Level 3 (synthesis and evaluation) to the Professional level.

However, lower level skills can continue to be assessed as you progress through each module and level.

(4) State and explain 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.[3]

(5) Identify and explain other, nontax, factors that should be considered.[3]

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Paperbased examination tips Spend time reading the examination paper carefully. We recommend that 15 minutes should be spent reading and planning.

Where you have a choice of questions (section B), decide which ones you will do.

If 15 minutes are spent reading the examination paper, this leaves three hours to attempt the questions:

Unless you know exactly how to answer the question, spend some time planning your answer. Stick to the question and tailor your answer to what you are asked. Pay particular attention to the verbs in the question (e.g.

calculate, explain, advise, state).

Spend the last five minutes reading through your answers and making any additions or corrections.

If you get completely stuck with a question, leave space in your answer book and return to it later.

If you do not understand what a question is asking, state your assumptions.

Even if you do not answer in precisely the way the examining team would hope for, you should be given some credit, if your assumptions are reasonable.

You should do everything you can to make things easy for the marker. The marker will find it easier to identify the points you have made if your answers are legible.

Computations: It is essential to include all your workings in your answers.

Many computational questions require the use of a standard format. Be sure you know these formats thoroughly before the examination and use the layouts that you see in the answers given in this book and in model answers.

• Divide the time you spend on questions in proportion to the marks on offer

• One suggestion for this examination is to allocate a maximum of 1.8 minutes to each mark available (180 minutes/100 marks), so a 20 mark question should be completed in approximately 36 minutes. If you plan

to spend more or less time than 15 minutes reading the paper, your time allocation per mark will be different

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Reports, memos and other documents: some questions ask you to

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Memorandum format

A memorandum is usually set out as shown below. Short sentences and bullet points can be used. Calculations can be included within the body of the memorandum, and should be clearly labelled as always.

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Study skills and revision guidance

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Note taking

Taking notes is a useful way of learning, but do not simply copy out the text.

The notes must:

Trying to summarise a chapter without referring to the text can be a useful way of determining which areas you know and which you don't.

Three ways of taking notes:

(2) Question – whilst undertaking the survey, ask yourself the questions that you hope the chapter will answer for you

(3) Read – through the chapter thoroughly, answering the questions and making sure you can meet the objectives. Attempt the exercises and activities in the text, and work through all the examples

(4) Recall – at the end of each section and at the end of the chapter, try to recall the main ideas of the section/chapter without referring to the text.

This is best done after a short break of a couple of minutes after the reading stage

(5) Review – check that your recall notes are correct, and make sure you have retained the facts and sufficient level of detail

(1) Summarise the key points of a chapter

(2) Make linear notes – a list of headings, divided up with subheadings listing the key points. If you use linear notes, you can use different colours to highlight key points and keep topic areas together. Use plenty

of space to make your notes easy to use

(3) Try a diagrammatic form – the most common of which is a mind map.

To make a mind map, put the main heading in the centre of the paper and put a circle around it. Then draw short lines radiating from this to the main subheadings, which again have circles around them. Then

continue the process from the subheadings to subsubheadings,

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Highlighting and underlining

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Tax rates and allowances

Supplementary instructions

A starting rate of 0% applies to savings income where it falls within the first £5,000 of taxable income.

Residence status

1 You should assume that the tax rates and allowances for the tax year 2016/17 and for the financial year to 31 March 2017 will continue to apply for the foreseeable future unless you are instructed otherwise.

2 Calculations and workings need only to be made to the nearest £.

3 All apportionments should be made to the nearest month.

4 All workings should be shown.

INCOME TAX

Normal rates

Dividend rates

Basic rate £1 – £32,000 20 7.5 Higher rate £32,001 – £150,000 40 32.5 Additional rate £150,001 and over 45 38.1 Savings income nil rate band – Basic rate taxpayers £1,000

16 to 45 Resident if 4 UK ties (or more) Automatically not resident

46 to 90 Resident if 3 UK ties (or more) Resident if 4 UK ties

91 to 120 Resident if 2 UK ties (or more) Resident if 3 UK ties (or more)

121 to 182 Resident if 1 UK tie (or more) Resident if 2 UK ties (or more)

183 or more Automatically resident Automatically resident

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Remittance basis charge

Child benefit income tax charge Where income is between £50,000 and £60,000, the charge is 1% of the amount of child

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Cap on income tax reliefs Unless otherwise restricted, reliefs are capped at the higher of £50,000 or 25% of income.

Patent box – deduction from net patent profit Net patent profit × ((main rate – 10%)/main rate)

Capital allowances: rates of allowance

Motor cars New cars with CO2emissions up to 75 grams per kilometre 100%

CO2emissions between 76 and 130 grams per kilometre 18%

CO2emissions above 130 grams per kilometre 8%

Annual investment allowance

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INHERITANCE TAX: Nil rate bands and tax rates

Inheritance tax: taper relief

Residential property

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(Not contracted out rates)

Class 1 Employee £1 – £8,060 per year Nil £8,061 – £43,000 per year 12%

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For Free Downloading Acca Books, Acca Study Texts, Acca Pass Cards, Acca Revision Kits, Acca Past Papers, Acca Study Tips And Guidance, Acca Exam Tips , Key Examinable Areas And Free Study Material and Study

Resources For ACCA and other professional

qualifications such as : CFA, CIMA, CPA ,CIA ,AAT

,CAT, ICAEW ,FRM, MBA,ACA,CA, BBA,BSC And MSC

Tiêu đề	ACCA P6 Kaplan Study Text 2021 2022
Trường học	Kaplan Publishing
Chuyên ngành	Advanced Taxation
Thể loại	study text
Năm xuất bản	2021
Thành phố	Wokingham

Định dạng
Số trang	100
Dung lượng	11,42 MB