PO17 - Tax planning and advice
You advise on mitigating and deferring tax liabilities through legitimate tax planning measures.
Performance objective elements
The five elements of each performance objective describe the tasks, skills and behaviours that trainees must demonstrate in order to achieve the objective.
a. Explain the differences between tax planning, tax avoidance and tax evasion.
b. Review and advise on the potential tax risks and/or tax minimisation measures for individuals and organisations.
c. Assess the tax implications of proposed activities or plans, referring to up-to-date legislation.
d. Mitigate and/or defer tax liabilities through standard reliefs, exemptions and incentives.
e. Know when to refer matters to someone with more specialist knowledge.
A. Communicates knowledge of the operation and scope of the tax system, obligations of tax payer, the implications of non-compliance and advises on tax planning.
B. Advises ethically on strategic tax plans and computes the tax liabilities of individuals.
C. Advises ethically on strategic tax plans and computes the corporation tax liabilities of individual companies and groups of companies.
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