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The Tax Credits (Definition and Calculation of Income) (Amendment) Regulations 2007 (SI 2007/1305) have been laid before Parliament and come into force with effect from 16 May 2007. This statutory instrument amends the Tax Credits (Definition and Calculation of Income) Regulations 2002 (SI 2002/2006), to reflect that certain areas,previously covered by the Finance Act 1990 and ICTA 1988, are now covered by the Income Tax Act 2007. The amendments to the 2002 regulations result from changes to other legislation that have an impact on them. In particular, they arise from the rewriting of certain income tax provisions regarding Gift Aid donations, relief for UK and overseas property losses, and certain changes to income tax law where an individual is treated as having income. These rewritten provisions are now contained in the Income Tax Act 2007. When claiming the Child and Working Tax Credits, claimants generally have to report gross income of a full tax year (usually the previous year) from sources which are chargeable to income tax. This reflects the fact that the Child and Working Tax Credits are part of the tax system. Because the tax credit regulations refer to tax law definitions of various types of income, any relevant changes in tax law have to be reflected in the tax credit definition of “income”. Link |
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Wednesday, 25 April 2007 | 1393 Hits |
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