Type of module:

Summary module description:

This module focuses on the impact of taxation, particularly capital taxes, on the owners and managers of rural estates, farms and other rural businesses. It explores the extent to which taxation in particular may dictate strategic and operational management decisions, the impact of current taxation on rural property ownership and, particularly, the role of valuers and agents advising their clients on these issues.Ìý

This module is delivered at the °ÄÃÅÁùºÏ²Ê¿ª½±¼Ç¼ only.

Aims:

This module aims to provide students with an understanding of the fiscal issues facing farmers, landowners and the managers of rural estates. Students will be encouraged to explore the effects of taxation on rural property ownership and business management and gain an insight into the extent to which business structures and strategies may be adapted in pursuit of fiscal rather than financial goals and the particular approach required in preparing valuations for taxation purposes.

Assessable learning outcomes:

On completion of thisÌýmodule, students should be able to:Ìý

• Develop an awareness of the impact of taxation, particularly capital taxes, on the ownership and transfer of rural property and the interaction between various taxes.Ìý


• Evaluate the potential to use tax reliefs and allowances to mitigate the impact of taxation on transactions and the potential for tax planning.Ìý


• Prepare valuations for taxation purposes , having regard to the special requirements of such valuations.Ìý


• Assess and advise on the taxation implications of a particular management strategy.Ìý

Additional outcomes:

The module also aims to encourage the development of written communication skills and oral reasoning, including the ability to synthesise written and verbal reporting into considered advice.

Outline content:

The module will consist of a review of the taxation system as it impacts on rural property, focusing particularly on the capital tax regime and the role of agents and valuers in advising clients, preparing valuations and assessing potential tax liabilities.

Global context:

Whilst some of the valuation and reporting skills may have a wider application, the focus of this module is on the UK capital taxation system and its application to the rural economy.Ìý

Brief description of teaching and learning methods:

One two-hour class each week, supported by structured reading. Some preparation in advance will be required to support the classroom sessions

Summative assessment- Examinations:

One two-hour examination.

Summative assessment- Coursework and in-class tests:

Formative assessment methods:

Penalties for late submission:

The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy:Ìý

• where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;


• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at:Ìý

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:

A mark of at least 40%.

Reassessment arrangements:

Reassessment will be by the same method as for the module’s original assessment requirements, subject to variation by the Examination Board where appropriate.Ìý

Additional Costs (specified where applicable):

Textbook: £26

Last updated: 4 April 2020