The Finance Act 2007 is an Act

Act of Parliament

An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...

 the Parliament of the United Kingdom

Parliament of the United Kingdom

The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...

 prescribing changes to Excise Duties, Value Added Tax

Value added tax

A value added tax or value-added tax is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, by this stage of its...

, Income Tax

Income tax

An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...

, Corporation Tax and Capital Gains Tax. It enacts the Budget of 21 March 2007

2007 United Kingdom Budget

The 2007 United Kingdom Budget, officially known as Budget 2007: Building Britain's long-term future: Prosperity and fairness for families, was formally delivered by Gordon Brown in the House of Commons on 21 March 2007...

.

In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act

Finance Act

In the UK, the Chancellor of the Exchequer delivers an annual Budget speech on Budget Day, outlining changes in spending, as well as tax and duty. The changes to tax and duty are passed as law, and each year form the respective Finance Act...

 is the mechanism to enact the changes.

The rules governing the various taxation methods are contained within the relevant taxation acts. (For instance Capital Gains Tax Legilation is contained within Taxation of Chargeable Gains Act 1992

Taxation of Chargeable Gains Act 1992

The Taxation of Chargeable Gains Act 1992 is an Act of Parliament which governs to levying of capital gains tax in the United Kingdom. Capital gains tax is a tax charged on the increase in the capital value of an asset between purchase and sale of that asset....

). The Finance Act details amendments to be made to each one of these Acts.

External links

• The Finance Act 2007, as amended from the National Archives.
• The Finance Act 2007, as originally enacted from the National Archives.