Income Tax Bill (Bill 4)

The Tax Law Rewrite project has published a further Income Tax Bill (Bill 4) for a final round of public consultation. The consultation period ends on 31 May 2006. Use these links to get to the:

• Draft Bill without origins (PDF 2.47MB);
• Draft Bill with origins shown (PDF 2.81MB);
• Draft Explanatory Notes (Commentary) (PDF 3.57MB);
• Draft Explanatory Notes (Annexes and Appendices) (PDF 439KB);
• Tables of origins and destinations (PDF 722KB).

The Draft Bill contains rewritten legislation for the following:

• basic provisions about the charge to income tax, income tax rates, the calculation of income tax liability, and personal reliefs;
• various specific reliefs, including relief for losses, the enterprise investment scheme, venture capital trusts, community investmenttax relief, interest paid, gift aid and gifts of assets to charities;
• specific rules about trusts, deduction of tax at source, manufactured payments and repos, tax avoidance; and
• general income tax definitions.

The first Rewrite Act on income tax legislation was ITEPA 2003. The second was ITTOIA 2005. When enacted this Bill will complete the Project's work on income tax. The project will then turn to corporation tax.

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