Tx notes fa22 Final

June 2023 to March 2024 exams
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FA 2022
TX-UK SYLLABUS 
1. Aim 
To develop knowledge and skills relating to the tax system as applicable to individuals, single 
companies, and groups of companies.
2. Objectives 
On successful completion of this paper candidates should be able to:
๏
Explain the operation and scope of the tax system and the obligations of taxpayers and/or their 
agents and the implications of non-compliance.
๏
Explain and compute the income tax liabilities of individuals and the e
ff
ect of national 
insurance contributions (NIC) on employees, employers and the self-employed.
๏
Explain and compute the Corporation Tax liabilities of individual companies and groups of 
companies.
๏
Explain and compute the Chargeable Gains arising on companies and individuals.
๏
Explain and compute the Inheritance Tax liabilities of individuals.
๏
Explain and compute the e
ff
ects of Value Added Tax on incorporated and unincorporated 
businesses.
3. Position of the paper in the overall syllabus 
The syllabus for TX-UK introduces candidates to the subject of taxation and provides the core 
knowledge of the underlying principles and major technical areas of taxation as they a
ff
ect the 
activities of individuals and businesses. 
Candidates are introduced to the rationale behind and the functions of the tax system. The syllabus 
then considers the separate taxes that an accountant would need to have a detailed knowledge of, 
such as income tax from self-employment, employment and investments, the corporation tax liability 
of individual companies and groups of companies, the national insurance contribution liabilities of 
both employed and self employed persons, the value added tax liability of businesses, the 
chargeable gains arising on disposals of investments by both individuals and companies, and the 
inheritance tax liabilities arising on chargeable lifetime transfers and on death.
Having covered the core areas of the basic taxes, candidates should be able to compute tax 
liabilities, explain the basis of their calculations, apply tax planning techniques for individuals and 
companies and identify the compliance issues for each major tax through a variety of business and 
personal scenarios and situations.

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