Income Tax (Trading and Other Income) Act 2005
Encyclopedia
The Income Tax Act 2005 (c 5) is an Act
of the Parliament of the United Kingdom
.
It restated certain legislation relating to income tax
, with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice." The Bill was the work of the Tax Law Rewrite Project
team at the Inland Revenue
.
Acts of Parliament in the United Kingdom
An Act of Parliament in the United Kingdom is a type of legislation called primary legislation. These Acts are passed by the Parliament of the United Kingdom at Westminster, or by the Scottish Parliament at Edinburgh....
of 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...
.
It restated certain legislation relating to 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...
, with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice." The Bill was the work of the Tax Law Rewrite Project
Tax law rewrite project
The Tax Law Rewrite Project of HM Revenue and Customs was a major effort to re-write the entire tax legislation of the United Kingdom in a format which is both more consistent and more understandable...
team at the Inland Revenue
Inland Revenue
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty...
.
External links
- The Income Tax (Trading and Other Income) Act 2005, as amended from the National Archives.
- The Income Tax (Trading and Other Income) Act 2005, as originally enacted from the National Archives.
- Explanatory notes to the Income Tax (Trading and Other Income) Act 2005.