Income Tax Act 2007 section 2

Overview of Act

Section 2 provides a high-level roadmap of the entire Income Tax Act 2007, summarising the subject matter of each of its 17 Parts.

• Parts 2 to 4 cover the fundamentals: how income tax is charged annually, the applicable rates, the calculation of liability, personal allowances and reliefs, and the various forms of loss relief available to taxpayers.
• Parts 5 to 8 deal with investment-related reliefs and incentives, including the Enterprise Investment Scheme, Seed Enterprise Investment Scheme, social investment relief, venture capital trusts, community investment tax relief, and reliefs for interest payments, charitable gifts, and maintenance payments.
• Parts 9 to 12A address specialised areas such as settlements and trustees, transactions in UK land, charitable trusts, alternative finance arrangements, manufactured payments, finance leases, accrued income profits, and sale and lease-back transactions.
• Parts 13 to 17 cover anti-avoidance rules targeting a wide range of arrangements, miscellaneous liability rules including the remittance basis and non-residence provisions, deduction of tax at source, and the interpretive and administrative provisions that support the Act as a whole.