Income and Corporation Taxes Act 1988
Encyclopedia
The Income and Corporation Taxes Act 1988, also known as ICTA, was the foremost United Kingdom
Act of Parliament
concerned with taxation until the Income Tax Act 2007
and the Corporation Tax Act 2010
. ICTA was enacted in order to consolidate a number of earlier legislative provisions covering taxation. Originally, ICTA primarily covered income tax (paid principally by individuals) and corporation tax
(paid principally by companies).
, sections relating to income tax have been substituted by the Income Tax (Earnings and Pensions) Act 2003, the Income Tax (Trading and Other Income) Act 2005
and the Income Tax Act 2007
. Notably, these Acts have abolished the schedular system of taxation
for income tax; however, the schedular system still applies for the purposes of corporation tax
.
ICTA has also been frequently amended by the Finance Act
s that are enacted annually in the UK.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
Act of Parliament
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...
concerned with taxation until the Income Tax Act 2007
Income Tax Act 2007
The Income Tax Act 2007 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.-Contents:*Part 1 Overview*Part 2...
and the Corporation Tax Act 2010
Corporation Tax Act 2010
The Corporation Tax Act 2010 is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010.It was first presented in the House of Commons on 19 November 2009 and received its third reading on 4 February 2010...
. ICTA was enacted in order to consolidate a number of earlier legislative provisions covering taxation. Originally, ICTA primarily covered income tax (paid principally by individuals) and corporation tax
United Kingdom corporation tax
Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU. Prior to the tax's enactment on 1 April 1965, companies and individuals paid the same income tax,...
(paid principally by companies).
Amendments
Following the Tax Law Rewrite ProjectTax 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...
, sections relating to income tax have been substituted by the Income Tax (Earnings and Pensions) Act 2003, the Income Tax (Trading and Other Income) Act 2005
Income Tax (Trading and Other Income) Act 2005
The Income Tax Act 2005 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...
and the Income Tax Act 2007
Income Tax Act 2007
The Income Tax Act 2007 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.-Contents:*Part 1 Overview*Part 2...
. Notably, these Acts have abolished the schedular system of taxation
Schedular system of taxation
The Schedular system of taxation is the system of how the charge to United Kingdom corporation tax is applied. It also applied to United Kingdom income tax before legislation was rewritten by the Tax Law Rewrite Project...
for income tax; however, the schedular system still applies for the purposes of corporation tax
United Kingdom corporation tax
Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU. Prior to the tax's enactment on 1 April 1965, companies and individuals paid the same income tax,...
.
ICTA has also been frequently amended by the 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...
s that are enacted annually in the UK.
See also
- UK Pension ProvisionUK pension provisionPensions in the United Kingdom fall into seven major divisions; Basic State Pension, State Second Pension , Occupational Pensions, Stakeholder Pensions, Group Personal Pensions and Personal or Individual Pensions...
- List of Acts of Parliament of the United Kingdom Parliament, 1980-1999
- Taxation of Chargeable Gains Act 1992Taxation of Chargeable Gains Act 1992The 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....
- Capital Allowances Act 2001
- Income Tax (Earnings and Pensions) Act 2003
- Income Tax (Trading and Other Income) Act 2005Income Tax (Trading and Other Income) Act 2005The Income Tax Act 2005 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...
- Income Tax Act 2007Income Tax Act 2007The Income Tax Act 2007 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.-Contents:*Part 1 Overview*Part 2...
- Umbrella companyUmbrella companyAn umbrella company is a company that acts as an employer to agency contractors who work under a fixed term contract assignment, usually through a recruitment employment agency in the United Kingdom. Recruitment agencies issue contracts to a limited company as the agency liability would be reduced...
- UK labour law
- UK tax law