Income and Corporation Taxes Act 1988


The Income and Corporation Taxes Act 1988, also known as ICTA, was the foremost United Kingdom Act of Parliament concerned with taxation until the Income Tax Act 2007 and the Corporation Tax Act 2010. ICTA was enacted in order to consolidate a number of earlier legislative provisions covering taxation. Originally, ICTA primarily covered income tax and corporation tax.

Overview

Amendments

Following the Tax Law Rewrite Project, sections relating to income tax have been substituted by the Income Tax Act 2003, the Income Tax Act 2005 and the Income Tax Act 2007. Notably, these Acts have abolished the schedular system of taxation for income tax; however, the schedular system still applies for the purposes of corporation tax.
ICTA has also been frequently amended by the Finance Acts that are enacted annually in the UK.
Sections relating to the House of Commons Members' Fund were amended by the House of Commons Members' Fund Act 2016.