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British Tax Compliance and Accounting ACFI212
ACFI212 British Tax Compliance & Accounting ACFI212 Tax Compliance INSTRUCTIONS AND CANDIDATES This paper contains five mandatory questions Assume that the rates and allowances for FA 2019 apply throughout your application. Once you’ve typed your answers, save the document as “Exam” with the number and surname of your student.
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Question 1 ICAEW Chartered Accountants Company in which you work acts for Isaac. When you complete Isaac’s 2019/20 self-assessment tax return, you will see that in the tax year Isaac has given his daughter 100 shares in the investment firm Catta Ltd. You told him that this will result in a tax liability on capital gains based on the market value of the shares on the date of the gift and that it must be stated on his return. In his tax return Isaac urged you to use a lower figure than the market value since he did not want to pay big sums of tax on capital gains.
Isaac also took part in a program proposed by another accounting company. The method featured several different steps that led to a loss, enough to cover Isaac’s revenue from renting several investment properties. Isaac argues that the system should not pose any difficulties because all processes are legitimate.
Requirements 1.1 The difference between tax evasion and tax avoidance/planning should be briefly explained. State if Isaac’s proposal in his tax return to use a lower value than market value is tax evasion and the potential impact on Isaac if tax evasion is recognized as a consequence. (5 points) 1.2 Explain the reason why, even if all the actions are legal, Isaac’s income tax due may not be reduced by the strategy advised by the accountants. Question 2 Total: 7 marks
British Tax Compliance and Accounting ACFI212
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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British Tax Compliance and Accounting ACFI212