The Taxation of Major Corporates specialism is designed for students specialising in the tax affairs of large corporates from the start of their training.
For those taking the Taxation of Major Corporates specialism, there are changes from 2018.
A summary of the Taxation of Major Corporates specialism to ACA and CTA
To achieve both the ACA and CTA qualifications, students must pass 14 of the 15 ACA modules as well as the other components of the ACA. Students will not sit the Professional Level Business Planning: module. Instead they must pass the Joint Taxation of Major Corporates Paper designed specifically for this route of the Joint Programme. They will also need to pass the exam in Professional Responsibilities & Ethics before sitting one additional CIOT paper as detailed below:
- one existing CTA Advisory paper (excluding Advanced Corporation Tax); or
- one CTA Application and Interaction Case Study; or
- one ADIT (Advanced Diploma in International Taxation) examination, either Paper 2.09 United Kingdom or Paper 2.10 United States. Find out more on ADIT at www.tax.org.uk/adit-advanced-diploma-international-taxation
The Taxation of Major Corporates (TOMC) Paper is designed for tax professionals working with large corporates and has been developed by ICAEW and CIOT.
Students will be eligible to become an ICAEW and CIOT member on successful completion of the ACA modules, Taxation of Major Corporates Paper, two CTA exams, professional development, ethics and professional scepticism and practical work experience (at least three years’ relevant professional experience for CIOT membership).
This programme can be undertaken by current and new ACA students.
Do not book the Taxation of Major Corporates exam at the same date and time as any other ICAEW exam entries as you will not be able to sit both papers at the same time.
Taxation of Major Corporates: Syllabus Outline
The syllabus for TOMC is set out in the syllabus grid. All topics within the syllabus grid should be covered to some degree in the manual. However the issue is depth. On any given topic, all of or any part of the tax legislation relating to that topic may be examined (unless expressly excluded by the syllabus grid). So it is not possible to include absolutely everything there is on every topic in the TOMC manual without making it far too large. (For example a candidate may look at a piece of legislation and note that there is a greater level of detail than found in the manual).