Lectures - The lecturer will communicate knowledge and techniques to the students.
Problem Solving Exercises - The student will work as part of a team to resolve various tax scenarios.
Class Discussion/Debate - Students will be encouraged to actively participate in the class sessions which will develop their analytical and communication skills.
Self-Direct Independent Learning - the emphasis on independent learning will develop a strong and autonomous work and learning practice.
Module Aim:
The aim of this module is to introduce and bring the student to an advanced level in the Capital Taxes- Capital Gains Tax, Capital Acquisitions Tax, and to introduce the students to LPT and Stamp Duty. Students will learn to compare and evaluate the tax effects of different courses of action and be able to communicate and report findings to clients. Students will apply relevant knowledge, skills and exercise professional judgement in providing relevant information and tax advice to individuals and businesses regarding the liability to Capital taxes in various scenarios.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1
Prepare Capital Gains Tax Computations and Returns for companies and individuals and be able to advise clients of their obligations for filing returns and payment of taxes.
LO2
Write clear reports advising taxpayers of their options to minimize or defer their CGT liability by claiming available reliefs. List the conditions of the reliefs for the taxpayer and how it applies to their case. Calculate the tax saved by claiming the reliefs and advise the client of any future implications.
LO3
Prepare Capital Acquisitions Tax Liabilities, advise re compliance requirements and advise clients how to minimize the CAT tax liability by claiming and qualifying for available tax reliefs.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is recommended before enrolment in this module.
No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
No requirements listed
Module Content & Assessment
Indicative Content
Capital Gains Tax Administration.
Principles and scope. Explain the implications of the residence, ordinary residence and domicile status of an individual on the scope of capital gains tax. Temporary Residence rules. Administration –payment dates and filing of return. Returns & Self –assessment. Meaning of disposal, chargeable assets, and exempt assets. CGT Computation – Time of disposal, application of market value, treatment of grants. Indexation.
Capital Gains Tax –Rules for specific transactions
Losses. Losses on death. Development land losses. Connected person’s losses. Monetary gains and monetary loss rules. Part-disposals. Wasting & Non-Wasting Chattels. Rules re development land. Connected persons, married persons –transactions between spouses, assets passing on death. Negligible value claims relief • Compute the chargeable gains/allowable losses when chattels are disposed.
CGT Reliefs
Principal Private Residence. Compute the exemption when a principal private residence is disposed.
Calculate the chargeable gain when a principal private residence has been used for business purposes.
Calculate the capital gain when the sale price of a principal private residence reflects development potential.
Transfer of a site to a child.
Disposal of assets acquired between 2011 and 2014
CGT-Family Succession and Transfer of business in Retirement
Retirement Relief –Family relief, third party relief, and family company. Conditions. Calculations. Planning for transfer. The interaction with Entrepreneurial Relief. Report Writing.
Entrepreneurial Relief.
Transfer of a business to company status.
Tax planning.
Capital Gains Tax -Shares
Identification of holdings. First in first out rules.
Treatment of shares issued under a rights issue, and a bonus issue.
Acquisition within four weeks of disposal. Disposal within four weeks of acquisition.
Capital Acquisitions Tax
CAT administration. Obligations for filing return and payment Dates. Residence aspects of CAT. Thresholds. Calculation of CAT. Private Dwelling house. Gift splitting. Life Interests. Application of various reliefs such as Agricultural Relief & Business Relief. Advising clients in relation to qualifying for various relief and minimizing the tax liability by application of the relevant relief.
Stamp Duty
The charge to Stamp duty. Rates of stamp duty and calculation. Stamp duty on Gifts. Reliefs and Exemptions
Local Property Tax
Liable Person. Valuation Date. Calculation of LPT.
Best Practice
Code of Practice for Revenue Audit.
Revenue Referrals to Professional Bodies Sec851A
Assessment Breakdown
%
Continuous Assessment
20.00%
End of Module Formal Examination
80.00%
Continuous Assessment
Assessment Type
Assessment Description
Outcome addressed
% of total
Assessment Date
Written Report
Write a report advising clients of their options on how to minimise CGT liabilities.
1,2
20.00
Week 8
No Project
No Practical
End of Module Formal Examination
Assessment Type
Assessment Description
Outcome addressed
% of total
Assessment Date
Formal Exam
End-of-Semester Final Examination
1,2,3
80.00
End-of-Semester
SETU Carlow Campus reserves the right to alter the nature and timings of assessment