ACC41200 Capital and Indirect Taxes

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 the capital taxes: Capital Acquisitions Tax (CAT) and Capital Gains Tax (CGT), and the indirect taxes: stamp duty and Value Added Tax (VAT).

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 some or all of these taxes might simultaneously 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 transactions in which any of the taxes covered in the module may apply;
• Identify whether any of these taxes applies to a particular transaction;
• 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 in relation to a transaction;
• 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 the impact of residence, and a change of residence, on the charge to CGT;
• Give basic advise on the administration of an estate and the taxation of inheritances;
• Identify anti-avoidance provisions and double tax relief available for CAT;
• Identify whether a trust exists and what type of trust it is;
• Identify any taxes arising on the transfer of assets to a trust,
• Outline the tax arising within the trust and the tax arising on the assets being appointed from a trust
• Outline the implications of a business making both taxable and exempt supplies for VAT
• Outline and/or apply the principles regarding the international supply of goods and services for VAT
• Determine the VAT treatment on the transfer of a business
• Outline and/or apply the VAT treatment of the supply of land and buildings in Ireland
• Outline the principles of a VAT Group

Indicative Module Content:

Topic 1: Capital Gains Tax Introduction; recapitulation of undergraduate/CAP 1 material.

Topic 2: Capital Gains Tax Shares; principal private residence relief; incorporation relief.

Topic 3: Capital Gains Tax Retirement relief; revised entrepreneur relief, site-to-child relief; 4/7 relief; miscellaneous topics.

Topic 4: Stamp Duty Introduction; charge & rates; residential and non-resident property; shares; leases; s31 contracts; exemptions and reliefs.

Topic 5: Capital Acquisitions Tax Introduction; definitions; thresholds; aggregation; small gift exemption.

Topic 6: Capital Acquisitions Tax Group threshold exceptions; joint tenants and tenants in common; market value; liabilities, costs and expenses; consideration; prohibited deductions; limited interests.

Topic 7: Capital Acquisitions Tax Agricultural relief; favourite nephew/niece relief; s104 relief; limited interests as liabilities; cesser of liabilities.

Topic 8: Capital Acquisitions Tax Business relief; free use of property; powers of revocation; benefits free of tax; payment by instalments; surcharges.

Topic 9: Capital Acquisitions Tax Dwelling house relief, benefits for period certain, limited benefits; annuities; pay and file; late filing; returns; overseas aspects and double tax relief.

Topic 10: Capital Acquisitions Tax Wills; grants of administration and probate; Succession Act; lapse; disclaimer; deeds of family arrangement; life assurance; trusts; powers of appointment.

Topic 11: Value Added Tax Introduction; recapitulation of undergraduate/CAP 1 material.

Topic 12: Value Added Tax Cross-border VAT; VAT on property; VAT and Brexit; one-stop-shop; apportionment; VAT groups; transfer of business relief.

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: Final Exam 2 hour End of Trimester Exam No Alternative non-linear conversion grade scale 50% No

80

Examination: 2-hour exam Week 10 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
Autumn
     
Lecture Offering 1 Week(s) - 4, 5 Mon 09:00 - 10:50
Lecture Offering 1 Week(s) - 2, 4, 5, 6, 7, 9, 10, 11, 12 Mon 11:30 - 13:20
Lecture Offering 1 Week(s) - 1 Thurs 11:30 - 13:20
External & School Exams Offering 1 Week(s) - 10 Wed 10:30 - 12:20
Autumn
     

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