Rezumat
The Income Tax Act 2007 is one of the rewrite Acts produced by the Tax Law Rewrite Project, restating income tax law in plainer language. It covers the calculation of income tax liability, personal allowances, tax rates, reliefs (including Enterprise Investment Scheme and Venture Capital Trusts), and the taxation of savings and dividend income.
Puncte cheie
- Calculation of income tax liability — the steps (s.23)
- Personal allowance (s.35–37, updated annually by Finance Acts)
- Basic, higher, and additional rate bands (s.10)
- Enterprise Investment Scheme (EIS) income tax relief (Part 5)
- Venture Capital Trust (VCT) relief (Part 6)
- Gift Aid relief for charitable donations (Part 8, Chapter 2)
- Taxation of savings income and dividend income at special rates