Income Tax Act 2007 Schedule 1 Part 1

Amendments to the Income and Corporation Taxes Act 1988 (paragraphs 1–240)

Schedule 1 Part 1 sets out the consequential amendments and repeals made to the Income and Corporation Taxes Act 1988 (ICTA) as a result of the rewriting of income tax provisions into the Income Tax Act 2007 and subsequent consolidation Acts.

• Numerous ICTA sections dealing with income tax charges, rates, personal reliefs, loss relief, interest relief, deduction at source, and interpretive provisions are repealed because they have been rewritten into the Income Tax Act 2007 or later consolidation legislation.
• Remaining ICTA sections that continue to apply for corporation tax purposes are amended to remove redundant income tax references and to insert updated cross-references to the corresponding provisions of the Income Tax Act 2007.
• New sections are inserted into ICTA (for example, sections 576A to 576L on qualifying trading companies for share loss relief) to provide corporation tax equivalents of provisions that have been rewritten for income tax purposes only.
• Exemption provisions for friendly societies, trade unions, and employers' associations are amended to remove unnecessary references to income tax, reflecting that these bodies have been within the corporation tax charge since 1965.

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