Summary
The
'Income
Tax Act 2007' is an Act to restate, with minor changes, certain enactments
relating to income tax. The Act received Royal
Assent on 20 March 2007.
The main purpose of the Income Tax Act 2007 is to rewrite income tax
legislation to make it clearer and easier to use.
The Act covers:
- The basic provisions about the charge to
income tax, income tax rates, the calculation of income tax liability and
personal reliefs
- Specific reliefs, including relief for losses, the
enterprise investment scheme, venture capital trusts, community investment tax
relief, interest paid, gift aid and gifts of assets to charities
- Specific rules about settlements and trustees, manufactured payments and
repos, accrued income profits, tax avoidance and deduction of tax at source
- General income tax definitions.
‘Explanatory
Notes’ to assist in the understanding of this Act are also available.
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