Taxation : Theory and Practice Updated for 2002-2003

This comprehensive text provides coverage of both the theoretical and practical aspects of taxation in the UK. The intricacies of the taxation system are explained in a simple and approachable style with many worked examples. This edition has been thoroughly updated to cover all the recent tax changes included in the 2001 budget proposals. Part 1 gives students a grounding in the economic theory of taxation. The aim is to provide a basic understanding of theory to build confidence in the subject and encourage further exploration of the end-of-chapter readings. The practical aspects of assessing liability to income tax, capital gains tax, corporation tax and VAT are covered in Parts 2 to 5. While the chapters in these Parts give the students plenty of opportunity to practise tax computations, the 'why' as well as the 'how' is explained through examples and references to revenue case law. Tax planning opportunities are also highlighted. Part 6 examines the PAYE system and the administrative organisation of the Inland Revenue. Self assessment of income and capital gains tax and the move towards corporate self assessment are covered in this Part. Review Questions are provided at the end of Part 1, and a range of Practice Questions at the end of each of the other Parts. Self test questions with suggested solutions, enable students to practise their computational skills further. An accompanying Instructor's Manual is available to lecturers. Taxation: Theory and Practice is aimed at undergraduates taking an option in taxation in their second or third year of study, although professional accountancy students of the ACCA, CIMA, ATT and ICAEW should also find the book a valuable learning resource. Kath Nightingale is a Senior Lecturer in the Department of Accounting and Financial Services, University of Central Lancashire.