RO3 Online Revision Course

Monday, 06 July 2020
9:00 am – 4:45 pm
    • John Traynor

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

CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

6 hours' CPD can be claimed for this event if relevant to your learning and development needs.

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.