The purpose of this module is to give students grounding in the fundamentals of tax theory and fiscal policy, an understanding of how individuals are taxed in the jurisdiction of Ireland, the ability to compute the tax liabilities of individual taxpayers and to advise taxpayer clients on the tax implications of various transactions.

This module covers the fundamental principles of Irish Income Tax (including PRSI, the Health Contribution and the Income Levy) and Capital Gains Tax as applied to individual taxpayers. The module introduces the theory of taxation and fiscal policy. The Irish self-assessment system is discussed. The manner in which Income Tax and Capital Gains Tax for individuals is computed is laid out in detail and students become comfortable with the concepts of tax deductions, credits, charges and tax reliefs. The module examines how Schedule E employment income, benefits-in-kind and termination payments are taxed. The taxation of interest income, dividend income, rental and foreign income are covered. The treatment of married couples for tax purposes is examined. The module moves on to look at the measurement of taxable business profits, tax allowable and disallowable expenditures and the effect of commencement and cessation of trading on the taxation of businesses. Capital allowances on plant and equipment, balancing allowances and balancing charges are examined. The taxation effects of the residence, ordinary residence and domicile status of individuals on their tax liabilities are discussed. Finally some of the basics of tax planning are mapped out. The module involves referring to and applying the relevant provisions of tax legislation and applying the findings of relevant case law.

Upon completion of this module, student will be able to: Explain the theory underpinning a good tax system; Calculate the Irish tax liabilities for a broad range of Irish personal taxpayers with trading income, employment income, rental income, dividend income and interest income; Interpret key pieces of tax legislation and case law and apply these to practical situations; Understand how the Irish tax system operates in an administration context in the context of a personal taxpayer; Develop potential policy initiatives to address contemporary economic challenges and assess the impact of actual annual budget policy initiatives.

On successful completion of this module, students should be able to: Appreciate how the tax system serves as a fiscal tool in the hands of government to influence the behaviour of individual taxpayers and observe the impact of tax policy on the economy and society as a whole.

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