Income Tax Act 2007

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

Income Tax Act 2007

Act of Parliament
Parliament of the United Kingdom
Long title	An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.
Citation	2007 c. 3
Introduced by	Kevin Brennan MP, Lord Commissioner of Her Majesty's Treasury (Commons) Lord Davies of Oldham (Lords)
Territorial extent	England and Wales Scotland 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but an amendment, repeal or revocation contained in Schedule 1 or 3 has the same extent as the provision amended, repealed or revoked.
Dates
Royal assent	20 March 2007
Commencement	6 April 2007
Other legislation
Amends	Inheritance Tax Act 1984 Limited Liability Partnerships Act 2000 Income Tax (Trading and Other Income) Act 2005
Amended by	Scotland Act 2012 Wales Act 2014 Scotland Act 2016 Employment Rights Act 2025 Finance Act 2026
Status: Amended
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended
Text of the Income Tax Act 2007 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.

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 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 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.

See also

• Taxation in the United Kingdom
• UK labour law

External links

• Text of the Income Tax Act 2007 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.
• Text of the Income Tax Act 2007 as originally enacted or made within the United Kingdom, from legislation.gov.uk.
• Explanatory notes to the Income Tax Act 2007.