The Income Tax (Trading and Other Income) Act 2005, also known as ITTOIA, received Royal Assent on 24 March 2005 and takes effect from 6 April 2005. The first rewrite of the taxes legislation was the Income Tax (Earnings and Pensions) Act 2003, and had particular relevance to PAYE tax and benefits in kind.

The new Act covers the taxation of trading, property, savings and investment and miscellaneous income. It also covers exempt income, foreign income, partnerships and the reliefs for rent-a-room and foster-carers.

There is yet one more income tax law rewrite to be completed.

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...back to 14 April 2005

Source:
Income Tax (Trading and Other Income) Act 2005
Tables of Origins and Destinations to the Income Tax (Trading and Other Income) Act 2005 c. 5
Bill 4: Scoping