RO3 Online Revision Course

Summary

A one day session delivered remotely over four 90 minute sessions to cover the main topics tested in R03

Session 1: Income Tax and NIC

Session 2: Capital Gains Tax, Residence and domicile

Session 3: Inheritance Tax plus miscellaneous taxes (VAT/Stamp duty/Corporation Tax)

Session 4: Taxation of Investments & Trust Taxation

Session 1

Income Tax

• The four types of income and the order of taxation
• Non savings income including trading exemption
• Savings income. Personal Savings Allowance and 0% starting rate.
• Dividend income and Dividend Allowance
• Tax benefits of pension contributions and gift aid
• Adjusted Net Income and its impact on Personal Allowance and Child Benefit
• Marriage Allowance and children’s income
• PAYE and Self-Assessment.

National Insurance

• The four classes of NI
• How to calculate NIC for an employed and a self employed person.

Session 2

Capital gains tax

• What assets are taxed and which are exempt
• Exempt disposals
• The basic calculation
• The treatment of losses
• Inter spousal transfers
• CGT and chattels
• Principle Private Residence Relief
• Entrepreneur Relief
• Basic CGT planning

Residence and domicile

How residence and domicile are established

The impact of residence and domicile on Income tax and CGT

Session 3

IHT

• What IHT seeks to task
• The three types of lifetime gifts
• The basic IHT death calculation
• How to calculate transferable Nil Rate Band
• How to deal with outstanding PET and CLT
• Charitable donations and the 36% rate
• Business Relief
• Basic IHT planning and mitigation

Miscellaneous taxes

An outline of VAT. Stamp duty land tax, stamp duty reserve tax and Corporation Tax

Session 4

Taxation of investments

• Unit trust/OEIC taxation
• ISA including Lifetime ISA
• Investment Bond taxation (on and offshore)
• Property exemption, Rent a Room Relief & Real Estate Investment Trusts
• VCT, EIS & SEIS

Trusts

• Outline the three types of Trust, Absolute, Interest in Possession and Discretionary
• Taxation of Income and gains
• IHT and trusts, difference between Relevant and Non-Relevant trusts