Description

R03 Exam – Personal Taxation. Size: 13 modules, around 5 hours of material
Download time: approx 2 minutes over high speed broadband

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Introduction (2 minutes)

Module 1 (10 minutes)
R03: the exam and preparing for it CII Regulated Diploma exam structure | The R03 personal taxation exam | multiple-choice questions | exam preparation | 7 golden rules for the exam

Module 2 (29 minutes)
Income tax Direct and indirect taxes | types of taxable income | rates of tax | deductions from income including pension contributions | benefits in kind | personal allowances

Module 3 (22 minutes)
Income tax calculations Non-savings, savings and dividend income | personal allowance | the 6 steps for calculating income tax | taxation and family members | 5 broad types of trust – how they are taxed

Module 4 (15 minutes)
National insurance Income subject to NI | class 1 and 1A | IR35 | class 2 | class 4 | class 3

Module 5 (26 minutes)
Capital gains tax What is a disposal? | valuing assets | chargeable and exempt transfers | private residences | 6 steps to calculating CGT | CGT reliefs | payment of CGT | CGT and the five trusts

Module 6 (28 minutes)
Inheritance tax Cumulation | exempt transfers | PETs | chargeable lifetime transfers | transferable nil-rate band and residence nil-rate band | IHT reliefs | gifts with reservations | POAT | valuation of transfers | IHT and the five trusts

Module 7 (24 minutes)
Residence and domicile Residence tests | ordinarily resident | domicile | non-resident | non-doms | remittance basis | self-assessment | double taxation

Module 8 (19 minutes)
Tax compliance and self assessment Self assessment and important dates | payments on account | penalties | PAYE | tax avoidance v tax evasion | the Ramsey principle | disguised remuneration

Module 9 (21 minutes)
Stamp duty, VAT and corporation tax Stamp duty: rates, stock transfer | VAT: output and input amounts, registration, rates, administration | Corporation tax: assessing liabilities, rates, dividends, close companies

Module 10 (18 minutes)
Tax treatment of direct investments Savings: interest, fixed interest, national savings | equities | property: buy-to-let, rent-a-room | furnished holiday lets

Module 11 (32 minutes)
Tax on indirect investment products Registered pension schemes | ISAs | OEICS and unit trusts | reporting and non-reporting funds | qualifying life policies | friendly societies | annuities | overview of life policies under trust | indirect property investments: REITS, insurance funds, investment trusts | EIS and SEIS | VCTs

Module 12 (21 minutes)
Tax affairs and tax planning for individuals and trusts Tax mitigation strategies: income, CGT and NI | estate planning | tax efficient investments | overseas investments

Module 13 (26 minutes)
Crammer module