Income Tax Act 2007
Encyclopedia
The Income Tax Act 2007 (c 3) is an Act
of the Parliament
of the United Kingdom
. It is the primary Act of Parliament concerning income tax
paid by individual earners subject to the law of United Kingdom
, and mostly replaced the Income and Corporation Taxes Act 1988
.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
of the Parliament
Parliament
A parliament is a legislature, especially in those countries whose system of government is based on the Westminster system modeled after that of the United Kingdom. The name is derived from the French , the action of parler : a parlement is a discussion. The term came to mean a meeting at which...
of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It is the primary Act of Parliament concerning income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
paid by individual earners subject to the law of United Kingdom
Taxation in the United Kingdom
Taxation in the United Kingdom may involve payments to a minimum of two different levels of government: The central government and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty...
, and mostly replaced the Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
The Income and Corporation Taxes Act 1988, also known as ICTA, was the foremost United Kingdom Act of Parliament concerned with taxation until the Income Tax Act 2007 and the Corporation Tax Act 2010. ICTA was enacted in order to consolidate a number of earlier legislative provisions covering...
.
Contents
- Part 1 Overview
- Part 2 Basic provisions
- Part 3 Personal reliefs
- Part 4 Loss relief
- Part 5 Enterprise investment scheme
- Part 6 Venture capital trusts
- Part 7 Community investment tax relief
- Part 8 Other reliefs
- Part 9 Special rules about settlements and trustees
- Part 10 Special rules about charitable trusts etc
- Part 11 Manufactured payments and repos
- Part 12 Accrued income profits
- Part 13 Tax avoidance
- Part 14 Income tax liability: miscellaneous rules
- Part 15 Deduction of income tax at source
- Part 16 Income Tax Acts definitions etc
- Part 17 Definitions for purposes of Act and final provisions
External links
- The Income Tax Act 2007, as amended from the National Archives.
- The Income Tax Act 2007, as originally enacted from the National Archives.
- Explanatory notes to the Income Tax Act 2007.