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Module 14 Tax law and legislation Flashcards Preview

ICAS TC Principles of Tax > Module 14 Tax law and legislation > Flashcards

Flashcards in Module 14 Tax law and legislation Deck (7)
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1

What are the three sources of law?

Primary - legislation (statute) and case law (precedent)
Secondary
Administrative quasi legislation

2

What are the different Acts frequently relevant to tax practitioners?

Stamp Act 1891 - Stamp duty tax

Taxes Management Act - details of responsibilities of taxpayers, administrative deadlines, filing dates, enquiries, penalties and interest

Taxation of chargeable gains act 1992 - CGT for individual and chargeable gains for companies

Value added tax Act 1994 - VAT, responsibilities for businesses and powers of HMRC

Capital Allowances Act 2001 - Detail of capital allowances for income and corporation tax

Income Tax (earnings and pensions) Act 2003 - legislation containing details of employment and pension income

Income Tax (trading and other income) Act 2005 - Legislation covering an individual's trading, property and other income

Income tax act 2007 - legislation covering income tax and details of an income tax computation

Corporation tax act 2009 - Main taxable profit provisions for corporation tax including rules on quantifying trading and other income (property, NTLR, intagibles etc)

Corporation tax act 2010 - Legislations covering the corporation tax calculation, associated companies etc

3

What is legal precedent?

Rules of law deduced from judges' decisions

4

What is the binding part of a legal precedent?

Ratio decidendi - the legal reason for the decision

5

What is Obiter dicta?

Other words, asides, things said along the way which may be persuasive in future cases but do not have to be followed

6

What is secondary (delegated) legislation?

This is legislation providing additional rules or detail

Statutory instruments and regulations are the most common types of secondary legislation

SI can be used to allow the provisions of an Act to be brought into force without Parliament having to pass a new Act

7

What are administrative quasi legislations?

Other material that does not fall into primary or secondary legislation

Statements of practice (SPs) - Set out HMRC's interpretation of particular issues, how issues wil be dealt with in practice

Extra Statutory concessions (ESCs) - set out a position contrary to legislation which HMRC is prepared to accept

Press Releases - covers many topics and issued by HMRC

Revenue interpretations (RIs) - same as statement of practice

HMRC Manual - not published in legislation books but these internal manuals are often used by hMRC staff and referred to in footnotes to the legislation

Decks in ICAS TC Principles of Tax Class (11):

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