Enter Your E-mail

The Income Tax Act 2007 (ITA 2007), received Royal Assent on 20 March 2007 and takes effect from 6 April 2007.

The Act 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, the accrued income scheme and tax avoidance; and
• general income tax definitions.

In addition, the Income Tax Act 2007 (Amendment) Order 2007 (SI 2007/940), which corrects four inadvertant errors in ITA 2007, was made on 21 March and laid before the House of Commons on the same date. The Order will also come into force from the 6 April 2007.

Link

Income Tax Act 2007

Statutory Instrument 2007/940