Income Tax Act 2007

Income Tax Act 2007[1]
Act of Parliament
Parliament of the United Kingdom
Long titleAn Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.
Citation2007 c. 3
Introduced byKevin Brennan MP, Lord Commissioner of Her Majesty's Treasury (Commons)
Lord Davies of Oldham (Lords)
Territorial extent England and Wales, Scotland and Northern Ireland, but an amendment, repeal or revocation contained in Schedule 1 or 3 has the same extent as the provision amended, repealed or revoked.[2]
Dates
Royal assent20 March 2007
Other legislation
Amended by
Status: Amended
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

The Income Tax Act 2007 (c. 3) is an act of the Parliament of the United Kingdom.[3] 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.

Part 5 Enterprise investment scheme

Sets out relief under the seed enterprise investment scheme and relief for social investments.

Part 6 Venture capital trusts

Relief for investment in venture capital trusts and other matters relating to venture capital trusts.

Part 7 Community investment tax relief

Part 8 Other reliefs

Sets out relief for interest payments, gifts to charity including gift aid, annual payments and maintenance payments.

Part 9 Special rules about settlements and trustees

Special rules about settlements and trustees, special income tax rates for trusts, and rules about trustees' expenses, discretionary payments and heritage maintenance settlements.

Part 10 Special rules about charitable trusts etc.

Part 11 Manufactured payments and repos

Part 12 Accrued income profits

Part 13 Tax avoidance

Tax avoidance in relation to many different areas including transactions in securities, transfer of assets abroad and tax relief for interest.

Part 14 Income tax liability: miscellaneous rules

Miscellaneous rules relating to income tax including the remittance basis for certain income gains of certain individuals and regulation for non-UK residents.

Part 15 Deduction of income tax at source

Part 16 Income Tax Acts definitions etc.

Part 17 Definitions for purposes of Act and final provisions

See also

Notes

  1. ^ The citation of this act by this short title is authorised by section 1035 of this act.
  2. ^ The Income Tax Act 2007, section 1033
  3. ^ "Income Tax Act 2007", legislation.gov.uk, The National Archives, 20 March 2007, 2007 c. 30, retrieved 10 December 2025

References

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