3. The Two Taxes On Income. | Taxation Law | LexisNexis

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3. The two taxes on income.

In the United Kingdom¹ there are two taxes imposed on income: income tax and corporation tax.

Income tax is charged on the income of individuals from employment², pensions³, social security⁴, trading⁵, property⁶, savings and investments⁷ and other miscellaneous⁸ sources⁹.

Corporation tax is charged on profits of companies¹⁰. In the Corporation Tax Acts and the Income Tax Acts, 'company' generally means any body corporate or unincorporated association

(1) Introduction

3. The two taxes on income.

4. Annual charge.

5. Stages in the imposition and collection of tax.

6. Charge to income tax.

7. The scope of income tax.

8. Charge to corporation tax.

9. The nature of income.

10. Income due but not received.

11. Gifts and allowances.

12. Income contrasted with capital.

13. Disposal of future income.

14. Factors considered in determining quality of receipt.

15. Distribution of company in liquidation.

16. The consolidating Acts.

17. General rules for interpretation of taxing Acts.

18. Tax Acts to be construed as one.

19. Application of legislation to Scotland and Northern Ireland.

20. Machinery provisions.

21. Power to make orders and regulations.

22. Statements of practice by HM Revenue and Customs.

23. Former taxes on income.