Income Tax Act 2007 (for the UK)

The Income Tax Act 2007 is a key piece of UK legislation that governs how income tax is calculated and collected. It consolidates and updates previous tax laws, providing clear rules on what constitutes taxable income, including salaries, rental income, and dividends. The Act also outlines various tax reliefs and allowances, which reduce the amount of tax owed. Essentially, it sets the framework for how individuals and businesses report their earnings and pay tax, ensuring compliance and fairness in the tax system while being critical for government revenue.