Income Tax Act 2007 section 1034

Commencement

Section 1034 sets out when the Income Tax Act 2007 comes into force and explains the different commencement dates that apply to different parts of the Act.

• The Act generally takes effect from 6 April 2007, applying for income tax from the 2007–08 tax year onwards and for corporation tax for accounting periods ending after 5 April 2007.
• The Enterprise Investment Scheme provisions in Part 5, together with related consequential amendments and repeals, only apply to shares issued on or after 6 April 2007 — shares issued before that date remain governed by the earlier ICTA rules.
• Certain administrative and procedural provisions, including section 852 and various definition and power sections, came into force immediately when the Act received Royal Assent, rather than waiting until 6 April 2007.
• Transitional provisions and savings in Schedule 2 may override or modify these commencement rules in specific circumstances.