11 December 2006
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News
Income Tax Bill - tax law rewrite
Income Tax Bill
The Tax Law Rewrite Project's fourth bill, the Income Tax Bill, has recently been published. It 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, and tax avoidance; and
- general income tax definitions.
Once enacted, this will complete the project's work on income tax.
HMRC press release dated 8 December 2006
Categories:
News
