Income and Corporation Taxes Act 1988

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Income and Corporation Taxes Act 1988
Long title An Act to consolidate certain of the enactments relating to income tax and corporation tax, including certain enactments relating also to capital gains tax; and to repeal as obsolete section 339(1) of the Income and Corporation Taxes Act 1970 and paragraphs 3 and 4 of Schedule 11 to the Finance Act 1980.
Citation 1988 c. 1
Territorial extent Whole United Kingdom
Royal assent 9 February 1988
Commencement For personal taxation tax year 1988-1989 and after
For corporation taxation company accounting periods ending after 5 April 1988
Except ss. 96, 380 to 384, 393, 394, 400, 703 and 812
Status: Unknown

The Income and Corporation Taxes Act 1988, also known as ICTA, was the foremost United Kingdom Act of Parliament concerned with taxation until the Income Tax Act 2007 and the Corporation Tax Act 2010. ICTA was enacted in order to consolidate a number of earlier legislative provisions covering taxation. Originally, ICTA primarily covered income tax (paid principally by individuals) and corporation tax (paid principally by companies).



Following the Tax Law Rewrite Project, sections relating to income tax have been substituted by the Income Tax (Earnings and Pensions) Act 2003, the Income Tax (Trading and Other Income) Act 2005 and the Income Tax Act 2007. Notably, these Acts have abolished the schedular system of taxation for income tax; however, the schedular system still applies for the purposes of corporation tax.

ICTA has also been frequently amended by the Finance Acts that are enacted annually in the UK.

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