Income Tax Act 2007 Schedule 3 Part 1

Repeals and revocations: general

Schedule 3 Part 1 sets out the provisions of earlier legislation that are repealed or revoked as a consequence of the rewriting and consolidation carried out by the Income Tax Act 2007.

• Numerous provisions across the Income and Corporation Taxes Act 1988 and the Taxes Management Act 1970 are repealed, including income tax rate definitions, personal allowance rules, and deduction-at-source provisions that have been rewritten into the ITA 2007.
• Several entire statutory instruments are revoked, including the Income Tax (Prescribed Deposit-takers) Orders and the Deposit-takers (Interest Payments) Regulations, whose content has been absorbed into the new Act.
• Amendments are made to a wide range of Finance Acts from 1988 to 2006, removing income-tax-specific provisions that are now contained in the ITA 2007 while leaving corporation tax provisions intact.
• Consequential tidying-up repeals are made across other legislation including the Capital Allowances Act 2001, ITEPA 2003, ITTOIA 2005, the Taxation of Chargeable Gains Act 1992, and various social security and pensions statutes.