TX covers the taxation of individuals, companies and groups of companies.
Students who have studied tax at AAT Level 4 will find their previous knowledge very useful.
Tax rules are modified every year in the Finance Act, and the new rules become examinable in June each year.
The key syllabus areas are:
- The UK tax system
- Income tax liabilities
- Corporation tax liabilities
- Capital gains tax
- Inheritance tax
- National insurance contributions
- Value added tax (VAT)
- Obligations of taxpayers
The TX exam is a computer based exam over 3 hours:
- Section A comprises 15 objective test questions worth 2 marks each.
- Section B comprises three 10 marks questions which comprise five objective test questions of 2 marks each.
- Section C comprises one 10 mark question and two 15 mark questions. The 15 mark questions will focus on Income Tax and Corporation Tax
- The Section A, Section B and 10 mark question in Section C can cover any area of the syllabus.