Instructions for applying for ITP Exemptions
Please read this explanatory information carefully before completing the Exemption Application Form.
Exemptions may be available for individual papers of the ITP qualification or from whole levels of the qualification. If you wish to claim
an exemption you must provide sufficient evidence to demonstrate that you have met the relevant subject requirements and syllabus
coverage for each exemption being claimed.
Exemptions can be claimed based on:
• Membership of a relevant professional body;
• Examination passes from a relevant professional body; or
• Examination passes from an academic qualification.
Membership of a relevant professional body
ICAS has reviewed the syllabus coverage of a number of professional qualifications and exemptions will be awarded to those who
are members of these bodies. Where the body is listed below, a current member of the body who meets the Continuing Professional
Development (CPD) requirements of that body will be granted exemptions irrespective of the date of passing the examinations leading
to membership. Please see point 8 overleaf.
Members of the following professional bodies will be granted exemptions:
ICAS (Institute of Chartered Accountants of Scotland)
Full exemption from all Papers at Level 1, and from Level 3 of ITP
ICAEW (Institute of Chartered Accountants of England & Wales)
Full exemption from all papers at Level 1, and from Level 3 of ITP
ICAI (Institute of Chartered Accountants of Ireland)
Full exemption from all papers at Level 1, and from Level 3 of ITP
ACCA (Association of Chartered Certified Accountants)
Full exemption from all papers at Level 1 of ITP
With the exception of ICAS members/students, an exemption fee equivalent to the examination fee of three Level 1 papers will be
charged.
If you are a current member of one of the bodies listed above, please do not complete the exemption form, but instead provide your
membership number (if ICAS) or proof of your ongoing membership (if another body) along with your enrolment form.
If you are a current member of another professional body, please apply for any relevant exemptions in the way described below for
those with examination passes.
Examination passes from a professional body/academic qualification
Where you have examination passes obtained in the last three years that you believe would entitle you for exemptions, you should use
this form to apply for relevant exemptions. If your exam passes are from more than three years ago, these will only be considered
if they form part of a professional qualification where you are required to evidence ongoing CPD to a professional body. For the
avoidance of doubt, work experience will not be sufficient evidence to apply for an exemption.
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Applying for Exemptions
Explanatory Notes
Completing the exemption form
1. This exemption form contains an exemption table for each of the six exams of ITP from Levels 1 and 2 of the qualification.
Complete the form indicating which exemptions you are applying for. Please note the following:
a. You should apply for all exemptions you may be eligible for in one application.
b. Exemptions are not awarded on the basis of work experience
c.Exemptions can only be claimed if the exam pass was obtained less than three years ago, unless you are a member of a
professional body and required to evidence ongoing CPD to that body.
2. If you require additional information on the ITP syllabus and content please refer to the syllabus document or the document
‘Detailed contents of papers’, which can be found on the ITP area of the ICAS website at: icas.com
3. Gather together evidence of your exam passes, which should clearly state the date of the examination. You will also require
to have a printed copy of the detailed syllabus for the examination. It is acceptable to take this from a website but we will
not accept emailed copies. The syllabus information must be detailed enough to clearly demonstrate how the ITP subject
syllabus topics have been covered. You will be required to provide ICAS with both the evidence of exam passes and the
syllabus information in hard copy by post.
4. Complete a syllabus coverage table for each subject you are applying for an exemption from. On this, you should clearly
cross-reference the topics covered to the supporting documentation. If you have not covered a topic please leave this blank.
You may still be awarded an exemption based on the topics which have been covered.
5. Ensure that the information you submit is complete, secured together and clear to follow.
6. You will be notified of the decision regarding your exemption within 14 days of receipt of your application, or we will alert you
to any delay. If an exemption is not granted you will be notified of the reason for this.
7. You will be charged an exemption fee (equivalent to the examination fee) for any exemptions granted.
8. Where an exemption has been granted from any Level 1 subject it is your own responsibility to ensure that you have sufficient
working knowledge of the subject in order to progress onto the higher papers of the qualification. This is particularly
important where an exemption from Principles of Taxation has been granted.
Any queries regarding exemptions from ITP should be directed to the ITP Course Supervisor who can be contacted at
[email protected]
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Route Codes
Application Form for ITP Exemptions
For office
use only
Student Number
Full name:
Contact address:
Email address:
Daytime telephone number:
Mobile number:
I wish to claim exemption from the following examination subjects(s):
Subject title
Tick here
For office use only
Yes
No
Level 1 – Financial Accounting
Level 1 – Business Law
Level 1 – Principles of Tax
Level 2 – Taxation of Individuals
Level 2 – Taxation of Companies
Level 2 – Indirect Taxation
Please tick to confirm that you have enclosed:
Evidence of exam passes, including dates
A full Academic transcript
Completed exemption tables for all exemptions being claimed
Copies of all relevant, cross-referenced syllabus content
Evidence of ongoing membership of relevant professional body, if exam passes older than three years
Please note that to process your exemption request you must submit all relevant information in hard copy at the time
of application. Email applications will not be accepted.
Completed applications for exemptions should be returned to:
ITP COURSE SUPERVISOR
ICAS
CA HOUSE
21 HAYMARKET YARDS
EDINBURGH
EH12 5BH
Office Use Only Checked and confirmed
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LEVEL 1 – FINANCIAL ACCOUNTING
Syllabus requirement:
Covered in modules:
• Describe the Corporate Reporting Framework
• Framework for the preparation and presentation of financial
statements
• Elements of financial statements, recognition and
measurement
• The Companies Act – reporting requirements
• The standard setting process and role of accounting standards,
UK and International
• Stock Market influences
Apply fundamental accounting concepts
• The reporting entity
• The profit and loss account and balance sheet
• Measurement and recognition
• Accruals concept
• Prudence principle
Prepare journal entries to record transactions in the
books of prime entry using double entry book-keeping
• The accounting equation and double entry bookkeeping
• Books of prime entry and the nominal ledger
• Recording transactions:
The preparation of journals for additions, revaluations and
disposals of fixed assets
Recording wages and salaries
Accounting for VAT
Recording inventories
Accounting for loans and leases
Calculating and recording accruals, prepayments, accrued
income and deferred income
• Correction of errors and incomplete records
Apply control techniques used in financial information
• Computerised accounting packages
• Bank reconciliations
• Use of the trial balance
Explain the structure and accounting requirements of
sole-traders, partnerships, limited companies and notfor-profit organisations
• Sole trader
• Partnership including dissolution, change of partners and
incorporation
• Private company including the issue of share capital and
payment of dividends
• Public company
• Not-for-profit organisations
• Primary Statements under UK and International formats
• Form of the notes to the accounts
• Other primary statements
Prepare financial statements for sole traders,
partnerships and limited companies
• Trial balance extraction
• Sole trader and partnership accounts
• Limited companies under international formats
• Understand statement of cash flows and prepare basic cashflow information
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LEVEL 1 – BUSINESS LAW
Syllabus requirement:
Covered in modules:
Identify the sources of law
• Role and nature of law
• Sources of law
• EU Law
• Human Rights Act • The UK Courts
Explain how to form a company and the nature of the
company’s constitution
• Nature, function and classification of companies
• Corporate personality
• Formation Procedure
• Company Constitution and its effect
• Minority protection
Explain the legal implications of issuing share capital
• Types, features and class of share capital
• Allotment, payment and transfer of shares
• Charges – fixed and floating • London Stock Exchange and issue of securities to the public
• Capital Maintenance
Explain the administration requirements of the
company
• Role and responsibilities of company officers
• Meetings, resolutions and records
Explain the principles of contract Law
• Type, terms and construction of contracts
• Essential elements of a valid contract
• Restrictive covenants: common law and statutory roles
• Breach of contract and remedies
• Electronic Contracts
• Partnership – features of 3 types of partnership; authority and
liability or partners and termination of a partnership
• Agency – formation, authority, rights and duties of agent;
termination of agency
• Employment law – tests to determine status of worker, the
contract of employment; termination of contract and Data
Protection
Explain the principles of negligence
• Meaning of negligence
• Duty of care & breach of duty of care
• Causation and remoteness of damage
•Defences
• Vicarious liability
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LEVEL 1 – PRINCIPLES OF TAX
Syllabus requirement:
Relevant syllabus coverage:
Describe the UK tax system and its role, and the role of
HMRC
• Direct and indirect taxes
• Role of tax system within economy
• Role of HMRC
• Role of tax adviser
• Residence and domicile
Explain the impact of tax legislation, the courts, case law
and precedence
• Precedence
• UK court structure
• Use of case law
• Statute and other sources of law
Identify the key UK tax administration rules
• Self-assessment system
• Operation of PAYE system
• Capital taxes administration
• VAT system
• Collection of taxes
• Penalty for non-compliance
• Interpretation of legislation
Calculate a tax-adjusted trading profit or loss
• Badges of trade
• Adjustment of profit
• Plant and machinery allowances
Calculate property income for an individual or company
• Basic principles
• Capital expenditure
• Lease premiums
• Losses
Calculate a basic chargeable gain or capital loss
• Computing a basic gain/loss
• Exempt assets
• Indexation for companies
• Rebasing to 1982 – individuals
• Spousal transfers
• Enhancement expenditure
• Part disposals
• Chattels
• Leasehold disposals
• Share disposals – individuals
Calculate a basic income tax liability
• Basic calculation
• Different sources of income
• Treatment of interest
• Treatment of UK dividends
• Exempt income
• Rates of taxation
• Payments on account
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LEVEL 1 – PRINCIPLES OF TAX
Syllabus requirement:
Relevant syllabus coverage:
Calculate a basic capital gains tax liability
• Application of annual exemption
• Rates of tax
• Use of losses
Calculate a basic corporation tax liability
• Chargeable accounting periods
• Calculation of taxable profits
• Loan relationships
• Small companies
• Marginal rates
Explain the key principles and administration of VAT
• Basic principles
• Registration
• Returns and payments
Explain the different classes of NIC and how these are
collected
• Classes and collection
Explain when stamp taxes and environmental taxes/reliefs
will apply and calculate these
• Taxes and rates
• Reliefs and rates
Describe the way in which a tax adviser will adopt
best practice and act ethically when dealing with
clients and HMRC
• Principles of best practice
• Tax avoidance and GAAR
• Disclosure of tax avoidance
• Meeting legal requirements
• Ethical considerations
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LEVEL 2 – TAXATION OF INDIVIDUALS
Syllabus requirement:
Relevant syllabus coverage:
Apply knowledge of use of legislation to locate and interpret
legislation
• Use of legislation
• Interpretation of legislation
Prepare tax-adjusted trading profits for a sole trade or
partner
• Basis periods
• Opening and closing rules
• Change of accounting date
• Treatment of partners
Construct full income tax and NIC calculations for an
individual and provide appropriate planning advice
• Sources of income
• Personal reliefs
• Taxation of spouses
• Deductible payments
• Charitable donations
• Pre-owned assets
• Administration and payment
• NIC classes and collection
• Property income – UK and overseas
• Property income – leases
• Property income – rent-a-room relief
• Property income – furnished holiday lets
• Employment income – benefits, exemptions, deductions
• Employment income – disguised remuneration
• Employment income – share schemes and restricted securities
• Employment income – termination payments
• REITs
• Planning advice
Recommend appropriate uses of losses for an individual
• Use of losses
Compare appropriate tax-efficient investments
• Tax treatment of investment income
• Tax-efficient investments
• Share schemes
Compare the tax treatment of different pension schemes
• Types of UK schemes
• Tax relief for contributions
• Tax treatment of receipt
• HMRC approved schemes
• Unapproved schemes
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LEVEL 2 – TAXATION OF INDIVIDUALS
Syllabus requirement:
Relevant syllabus coverage:
Calculate capital gains tax on the disposal of a range of
assets and provide appropriate planning advice
• Computational principles
• Leases and land transactions
• Reliefs and exemptions
• Losses
• Shares and securities
• Interaction with IHT
• Partnerships
• Planning advice
Construct inheritance tax calculations during life and on
death, and recommend appropriate inheritance tax planning
• Computational principles
• Valuation principles
• Reliefs – BPR/APR
• Administration and payment
• Interaction with CGT
• Planning advice
Advise on the tax implications of the choice of business
structure and the disposal of an individual’s business
• Appropriate business structures
• Extraction of funds
• Tax implications of disposal
• Incorporation
• Available reliefs
• Planning advice
Advise on the tax and NIC implications of acting as an
employer
• Employer administration
• NIC – employer and employee
• Employment status
• Personal service companies
Explain how residence and domicile affect an individual’s
tax liabilities and advise an individual on international
aspects in relation to their personal tax affairs
• Residence and domicile
• Treatment of foreign income
• Remittance advice
• Double tax relief
• NIC implications
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LEVEL 2 – TAXATION OF COMPANIES
Syllabus requirement
Relevant syllabus coverage:
Apply knowledge of use of legislation to locate and
interpret legislation
• Use of legislation
• Interpretation of legislation
Analyse all income and expenditure of a company to
determine the appropriate tax treatment
• Capital v revenue
• Adjustment of profits – items specific to companies
• Post-trading transactions
• Gifts to charities
• Loan relationships
• Intangible assets
• R&D expenditure
• Transfer pricing
• Property income – basic principles
• Property income – losses
• Property income – reverse premiums
Calculate chargeable gains on the disposal of a range
of assets
• Rebasing to 1982
• Treatment of leases
• Reliefs and exemptions
• Share pooling
• Issues specific to shares
• Value shifting
Apply tax principles to different types of companies
• Close companies
• Investment companies
• REITs
Construct a full corporation tax computation for a
company
• Associated companies
• Long periods of account
• Corporation tax rates and limits and FII
Advise on a company’s corporation tax liability and
self-assessment responsibilities
• Accounting Standards
• GAAP
• Deferred Tax
• Corporation tax payments, including instalment regime
• Corporation tax self-assessment
• Interest on late payments
Analyse the tax implications of changes of ownership,
reconstructions and cessation of trade
• Reorganisations and reconstructions
• Demergers
• Sale of shares v sale of assets
• Purchase of company or assets
• Purchase of own shares
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LEVEL 2 – TAXATION OF COMPANIES
Syllabus requirement
Relevant syllabus coverage:
• Cessation of trade
• Administration/liquidation
Recommend appropriate uses of tax losses for a
company
• Use of trading losses
• Use of other losses
Advise on the tax implications of being part of a group
of companies
• Group and consortium relief
• Overseas companies
• Group consortium companies
• Capital allowance buying
• Chargeable gains groups
• Leaving a group
• Substantial shareholding exemption
• Administration within a group
Recommend appropriate tax planning for a single
company or group of companies
• Tax planning
Apply principles of residence, international tax and
double tax treaties to a company situation and advise
on the implications of these
• Residence of a company
• Permanent residence
• Migration
• Controlled foreign companies
• Double tax treaties
• Double tax relief
• Worldwide debt cap
• Foreign currency in accounts
• Derivatives and FOREX
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LEVEL 2 – INDIRECT TAXATION
Syllabus requirement
Relevant syllabus coverage:
Apply knowledge of use of legislation to locate and
interpret legislation
• Use of legislation
• Interpretation of legislation
Apply the principles of the UK VAT system to the
transactions of a business
• Taxable persons
• Types of transaction
• Scope of VAT
• Agency
• Charities
• Definition of supplies
• Business v non-business activities
• Goods and services
• Single and multiple supplies
• Deemed supplies and self-supplies
• Time and value of supplies
• TOGC
• Blocked input VAT
• Partial exemption
• Capital goods scheme
Interpret legislation to determine the correct VAT rates
to apply to transactions
• Rates of tax
• Interpretation of Sch 7A, 8 and 9 VATA 1994
Advise on VAT registration and the calculation of VAT
for a business
• Compulsory registration tests
• Voluntary registration
• Deregistration
Advise a business on the payment and administration of
VAT and appropriate VAT accounting schemes
• VAT returns
• VAT payments
• VAT groups
• Annual accounting
• Cash accounting
• Flat rate scheme
• Second-hand goods scheme
• Retail schemes
• Bad debt relief
• Unjust enrichment
• Control visits
• Appeals and assessments
• Penalties and interest
• Refunds and interest
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LEVEL 2 – INDIRECT TAXATION
Syllabus requirement
Relevant syllabus coverage:
Apply the principles of VAT to transactions involving
land and buildings
• Output tax on supplies of land and buildings
• Option to tax
• Leases
• Capital goods scheme
Advise a business on the implications of a group
relationship and the transfer of a trade
• Group VAT registration and divisional VAT registration
• Transform of going concern (TOGC)
Advise a business on the VAT implications of trading on
an international basis
• Value of cross-border supplies
• Transactions within the EC
• International goods
• International services
Apply the principles of the Customs Duty system to
the movement of goods and advise a business on the
calculation and payment of Customs Duty
• Scope of duty within the EU
• Classification
• Origin
• Valuation
• Reliefs
• Customs warehousing
• Accounting and record keeping
• Payment
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