Taxation (TX)

Master the core areas of taxation and develop the ability to evaluate and advise on tax compliance issues.

Skill Level Essential Paper Global Pass Rate: 50%
Taxation

About TX

Taxation (TX) introduces you to the fundamentals of the tax system and develops your ability to evaluate and advise on tax compliance issues for individuals and businesses.

TX provides knowledge of the principles and rules of taxation and develops the ability to apply that knowledge to common scenarios. You'll learn how to calculate tax liabilities, identify tax planning opportunities, and understand the obligations of taxpayers and their agents.

Why TX is Important

TX is essential for anyone pursuing a career in accounting, finance, or business advisory. It provides the technical knowledge and practical skills needed to:

  • Understand and apply tax rules and regulations
  • Calculate tax liabilities for individuals and businesses
  • Identify tax planning opportunities and compliance requirements
  • Advise clients on tax-efficient strategies

Exam Details

Duration: 3 hours
Pass Mark: 50%
Availability: March, June, September, December
Format: Computer-based exam

TX Syllabus Areas

Tax System & Administration

  • UK tax system and its administration
  • Tax avoidance and tax evasion
  • HMRC powers and taxpayer rights
  • Tax return filing requirements and deadlines
  • Penalties for non-compliance

Income Tax & NIC

  • Income tax liabilities for individuals
  • Employment income and benefits
  • Self-employment income and basis periods
  • Property income and investment income
  • National Insurance Contributions (NIC)

Capital Gains Tax

  • Chargeable assets and persons
  • Calculation of capital gains and losses
  • Reliefs (annual exempt amount, entrepreneurs' relief)
  • Capital gains tax for individuals
  • Chattels, shares, and principal private residence relief

Inheritance Tax

  • Chargeable transfers and exemptions
  • Calculation of inheritance tax liability
  • Lifetime transfers and death estate
  • Reliefs (business property, agricultural property)
  • Payment of inheritance tax

Corporation Tax

  • Scope of corporation tax and chargeable profits
  • Calculation of corporation tax liability
  • Capital allowances and loss relief
  • Chargeable gains for companies
  • Corporate tax payment and filing requirements

VAT & Other Taxes

  • Value Added Tax (VAT) principles
  • VAT registration requirements
  • Calculation of VAT liabilities
  • VAT returns and payment
  • Other taxes (stamp taxes, council tax, business rates)

Professional Skills Developed

Tax Calculation

Ability to calculate various tax liabilities accurately

Compliance Knowledge

Understanding of tax compliance requirements and deadlines

Tax Planning

Ability to identify tax planning opportunities and strategies

Financial Analysis

Skills to analyze financial information for tax purposes

Advisory Skills

Ability to provide tax advice to individuals and businesses

Reporting

Skills to prepare and present tax computations and reports

Start Your TX Journey Today

Master taxation principles and practices with our comprehensive TX course