Basic principles of income tax

Basic principles of income tax guidance:

The cap on unlimited income tax reliefs applies from 6 April 2013. It prohibits relief for certain types of losses, which could otherwise be set off against general...

Practice Note

These tables set out: • the charges to income tax in each of the seven categories of income tax • the person who is liable to pay that charge, and • the legislative...

Practice Note

In 2011, anti-avoidance legislation in the form of Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) was introduced to tackle arrangements aimed at...

Practice Note

For income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private Client. Personal...

Practice Note

This Practice Note explains the rules that apply to distributions made to UK resident and domiciled individuals on or after 6 April 2016. The way in which individuals are...

Practice Note

ARCHIVED: This Practice Note has been archived and is not maintained. The way in which individuals are taxed on distributions was substantially changed in Finance Act...

Practice Note

ARCHIVED: This Practice Note has been archived and is not maintained. The way in which individuals are taxed on distributions was substantially changed in Finance Act...

Practice Note

The UK has a comprehensive code for the taxation of employment income. This Practice Note deals with the basic principles of income tax on employment income and how they...

Practice Note

STOP PRESS: Following consultation, amendments have been made to the UK rules taxing offshore receipts in respect of intangible property (ORIP) by The Income Tax (Trading...

Practice Note

From April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual members of a partnership, and UK-resident companies who carry...

Practice Note

The charge to UK income tax applies to the profits of both a UK and overseas property business. A property business is one which generates income from land and includes...

Practice Note

Reliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer may deduct reliefs from total income resulting...

Practice Note

The types of income chargeable to tax as 'savings and investment income' include: • interest, being income chargeable under ITTOIA 2005, ss 369–381 • purchased life...

Practice Note

Once a company has established that it has a trade (for which see Practice Note: What is a trade for tax purposes?), it is required to calculate the profits of its trade...

Practice Note

The calculation of income tax liabilities is usually done by a person's tax adviser or by HMRC following submission of a tax return, rather than by a tax lawyer (and are...

Practice Note

Transfer of Assets Abroad Code The anti-avoidance provisions relating to a transfer of assets abroad are contained in Chapter 2, Part 13 of the Income Tax Act 2007 (ITA...

Practice Note

This Practice Note considers the charging provisions on individuals under section 731 of the Income Tax Act 2007 (ITA 2007), also known as ‘the benefits charge’. Prior to...

Practice Note

This Practice Note considers the charge to of 'transferors' under the transfer of assets abroad code (TAA Code) where income of a person abroad is treated as arising to...

Practice Note

This Practice Note considers the charging provision under section 727 of the Income Tax Act (ITA 2007) applicable to transferors of assets abroad who receive capital sums...

Practice Note

The main types of income are: • employment income • pension income • social security income • trading income • property income • savings and investment income and •...

Practice Note

The charge to UK income tax applies to the profits of both a UK and overseas property business. A property business is one that generates income from land and includes...

Practice Note

A company is subject to corporation tax on the profits of its trade or trades in accordance with the rules found in sections 34–201, Part 3 to the Corporation Tax Act...

Practice Note

Income tax is charged on any person on certain categories of income, allocated between tax years in order to determine the rate payable. The legislative basis for income...

Practice Note
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