Second Exposure Draft - Savings and Investment Income of Individuals: Appendix 2

 

Income Tax Bill

Part 1 - Core provisions

Chapter 1.1 - Overview of Act

Plan of Chapter

1.1.1 General scope of Act

1.1.2 Charge of income tax for tax years

1.1.3 Administration of income tax

1.1.4 Main obligations of individual taxpayers

1.1.5 Income charged to income tax

1.1.1 General scope of Act

This Act is about income tax and contains provisions relating to the obligations and rights of individuals in connection with that tax.

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Defined terms:
Origin: drafting
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1.1.2 Charge of income tax for tax years

1. Income tax is charged for any tax year for which Parliament so determines.

2. A tax year means a year beginning with 6th April and ending with the following 5th April.

   References to the tax year 1998-99, and similar references, are to the tax year beginning on 6th April in the year first mentioned.

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Defined terms:
Origin: subs.(1) - ICTA s.1(2), drafting; subs.(2) - ICTA s.832(1) "the year 1988-89".
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1.1.3 Administration of income tax

Income tax is under the care and management of the Board of Inland Revenue, referred to in this Act as the Board.

Functions of the Inland Revenue may be exercised by any officer of the Board.

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Defined terms:
Origin: TMA s.1(1), drafting.
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1.1.4 Main obligations of individual taxpayers

Part 2 makes provision about the main obligations of individual taxpayers.

These include provisions about:

keeping and preserving records,

making a return,

self-assessment, and

payment.

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Defined terms:
Origin: drafting.
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1.1.5 Income charged to income tax

1. Income tax is charged in accordance with this Act on all amounts charged to income tax under the provisions of this Act or any other enactment.

   Unless otherwise provided, references in this Act to income include anything that is or may be the subject of a charge to income tax.

   Parts 3 to 10 of this Act deal with the following kinds of income:

   Part 3: trading income

   Part 4: employment income

   Part 5: income from land

   Part 6: savings and investment income

   Part 7: pension income

   Part 8: social security income

   Part 9: foreign income

   Part 10: miscellaneous income.

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Defined terms:
Origin: subs.(1) - ICTA s.1(1), drafting; subs.(2) - drafting.
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