Introduction Income Tax Act 2007
17.The Act:
	applies for income tax, continuing the general approach of previous rewrite Acts of separating income tax and corporation tax legislation;
	contains the basic provisions of income tax, such as the charge to income tax, tax rates, how a person’s income tax liability is calculated, personal reliefs, and general definitions which apply for income tax purposes;
	deals with various specific reliefs, including reliefs for losses, the enterprise investment scheme, venture capital trusts, community investment tax relief, interest paid, gift aid and gifts of assets to charities;
	broadens the picture by filling in the rest of the income tax picture, in particular in relation to settlements and trustees, avoidance and deduction of tax at source; and
	will take the place of ICTA as the main Act about income tax, complemented by ITEPA and ITTOIA (which dealt with the charges to income tax on employment, pension, trading and other income).
18.The Act has 1035 sections and 4 Schedules.
19.The sections are arranged as follows:
	Part 1: Overview
	Part 2: Basic provisions
	Part 3: Personal reliefs
	Part 4: Loss relief
	Part 5: Enterprise investment scheme
	Part 6: Venture capital trusts
	Part 7: Community investment tax relief
	Part 8: Other reliefs
	Part 9: Special rules about settlements and trustees
	Part 10: Special rules about charitable trusts etc
	Part 11: Manufactured payments and repos
	Part 12: Accrued income profits
	Part 13: Tax avoidance
	Part 14: Income tax liability: miscellaneous rules
	Part 15: Deduction of income tax at source
	Part 16: Income Tax Acts definitions etc
	Part 17: Definitions for purposes of Act and final provisions
20.The Schedules are:
	Schedule 1: Minor and consequential amendments
	Schedule 2: Transitionals and savings
	Schedule 3: Repeals and revocations
	Schedule 4: Index of defined expressions
21.Tables of Origins and Destinations have also been prepared. The Table of Destinations shows the destination not only of repealed provisions but of all provisions rewritten in the Act.