ACC41080 Corporate and Personal Taxation

Academic Year 2022/2023

This module seeks to provide students with a detailed understanding of the basic principles and practical application of the Irish taxation system with regard to Income Tax and Corporation Tax.

Students will learn to identify when these taxes arise, the reliefs that are available, how to compute any tax arising and the administration of the tax in question.

Students will also learn to give practical advice in relation to realistic transactions in which either or both of these taxes might arise.

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Curricular information is subject to change

Learning Outcomes:

By the end of this module, students should be able to:

• Identify whether any of the taxes covered in the module applies in a particular instance;
• Identify whether any reliefs apply to mitigate any tax liability arising for any of these taxes;
• Identify whether a proposed transaction should be modified to avail of any particular relief;
• Compute any tax arising;
• Identify the parties liable to pay any tax arising;
• Identify the due dates for the paying of any tax arising and the filing of any returns

Students should also be able to:

• Identify whether an individual is resident, ordinarily resident or domiciled and outline their exposure to income tax;
• Identify and compute the tax liability of individuals who receive shares or share option, termination payments or lump sums payable on retirement;
• Identify and compute the tax liability of company directors;
• Identify whether an corporate body is resident and outline its exposure to corporation tax or income tax;
• Outline and/or compute the relief available for intellectual property and research and development;
• Identify whether a company is a close company and it tax consequences;
• Identify transactions which fall within the close company rules and/or compute any corporation tax liability arising;
• Compute the close company surcharge and/or professional services company surcharge;
• Identify with a group exists for corporation tax purposes and outline any group relief available;
• Compute any group relief available on the transfer of assets between group companies;
• Compute any group relief available on the surrender of losses or R&D tax credits between group companies.

Indicative Module Content:

Topic 1: Income Tax Introduction; recapitulation of undergraduate/CAP 1 material; residence, ordinary residence and domicile; taxation of married and separated couples; taxation of interest from EU financial institutions.

Topic 2: Income Tax Death of assessable or non-assessable spouse; split year treatment; SARP relief; FED relief; termination payments.

Topic 3: Income Tax Share awards and share options; taxation of company directors; EIIS relief; rent paid to non-resident landlords.

Topic 4: Corporation Tax Introduction; recapitulation of undergraduate/CAP 1 material; corporate residence taxation of resident and non-resident companies; payment of corporation tax.

Topic 5: Corporation Tax Close companies: definitions; existence of a close company; implications of close company rules; s83 investment companies.

Topic 6: Corporation Tax Close company surcharge; surcharge on professional service companies.

Topic 7: Corporation Tax Taxation of intellectual property; capital allowances on intellectual property; the research and development tax credit: definitions, availability and use of relief.

Topic 8: Corporation Tax Research and devleopment tax credit: computation of relief; computation of refund; surrender of credits to employees.

Topic 9: Corporation Tax Taxation of foreign income: foreign dividends and s21B, foreign rental income, and other foreign income; corporation tax on chargeable gains; participation exemption; international taxation and double taxation relief.

Topic 10: Corporation Tax Losses: introduction and recapitulation of undergraduate/CAP 1 material; use of trading losses and charges

Topic 11: Corporation Tax Losses on the transfer or cessation of a trade; Capital gains groups

Topic 12: Corporation Tax Corporation tax groups and surrender of losses; surrender of R&D tax credits within a group.

Student Effort Type Hours
Specified Learning Activities

40

Autonomous Student Learning

60

Lectures

24

Total

124

Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Not applicable to this module.
 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Examination: 2-hour final exam 2 hour End of Trimester Exam No Alternative non-linear conversion grade scale 50% No

80

Examination: Continuous assessment 2-hour exam Week 4 Yes Alternative non-linear conversion grade scale 50% No

20


Carry forward of passed components
No
 
Resit In Terminal Exam
Summer Yes - 2 Hour
Feedback Strategy/Strategies

• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Not yet recorded.

Name Role
Dr Charles Garavan Lecturer / Co-Lecturer
Spring
     
Lecture Offering 1 Week(s) - 29, 30, 31, 32, 33, 34 Tues 09:00 - 10:50
Lecture Offering 1 Week(s) - 29, 30, 31, 32, 33, 34 Wed 09:00 - 10:50
Lecture Offering 1 Week(s) - 33 Wed 14:30 - 16:20
Spring
     

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