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The Income Tax Act 2007 came into force on 6 April 2007. For income tax purposes, it has effect for the tax year 2007-08 and subsequent tax years. For corporation tax purposes, it has effect for accounting periods ending after 5 April 2007. The Act is the fourth Act of the Tax Law Rewrite project, whose aim is to rewrite UK primary direct tax legislation so that it is clearer and easier to use. It covers: » basic provisions about the charge to income tax, income tax rates, the calculation of income tax liability, and personal reliefs; » various 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 trusts, deduction of tax at source, manufactured payments and repos, and tax avoidance; and » general income tax definitions. The Act itself, Explanatory Notes and a Table of Origins and Destinations are free to download from the Office of Public Sector Information’s website: http://www.opsi.gov.uk/acts/acts2007a.htm |
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Income Tax Act 2007
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LEGISLATION |