Income Tax Act 2007
The Income Tax Act 2007 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.
Contents
Part 1 Overview
Details existing income tax legislation and the structure of this act.
Part 2 Basic provisions
Basic provisions about the annual nature of income tax, the rates at which it is charged and the calculation of liability.
Part 3 Personal reliefs
Sets out taxpayers' personal reliefs including personal allowances, blind persons' allowances and tax reductions for married couples and civil partners.
Part 4 Loss relief
Sets out loss relief covering trade losses, losses for property businesses, losses in an employment or office, losses on disposal of shares and losses from miscellaneous transactions.
Sets out relief under the seed enterprise investment scheme and relief for social investments.
Relief for investment in venture capital trusts and other matters relating to venture capital trusts.
Part 8 Other reliefs
Sets out relief for interest payments, gifts to charity including gift aid, annual payments and maintenance payments.
Special rules about settlements and trustees, special income tax rates for trusts, and rules about trustees' expenses, discretionary payments and heritage maintenance settlements.
Tax avoidance in relation to many different areas including transactions in securities, transfer of assets abroad and tax relief for interest.
Miscellaneous rules relating to income tax including the remittance basis for certain income gains of certain individuals and regulation for non-UK residents.