Explanatory Notes to Income Tax Act 2007

These notes refer to the Income Tax Act 2007 (c.3) which received Royal Assent on 20 March 2007 INCOME TAX ACT 2007 EXPLANATORY NOTES INTRODUCTION These explanatory notes relate to the Income Tax Act 2007 (c.3) which received Royal Assent on 20 March 2007. They have been prepared by the Tax Law Rewrite project at HMRC in order to assist readers in understanding the Act. They do not form part of the Act and have not been endorsed by Parliament. The notes need to be read in conjunction with the Act. They are not, and are not meant to be, a comprehensive description of its contents. So if a section or part of a section does not seem to require explanation or comment, none is given. The commentary on each section indicates the main origin or origins of the section. A full statement of the origins of each section is contained in the Act's Table of Origins. At the end of the commentary, there is supporting material in two annexes: Annex 1 contains details of the minor changes in the law made by the Act. Annex 2 contains lists of: the extra-statutory concessions to which the Act gives effect; the minor changes made by the Act which involve giving statutory effect to principles derived from case law; and provisions not included in the Act on the grounds of redundancy.