The Income and Corporation Taxes Act 1988 (ICTA 1988) was a pivotal piece of legislation in the UK that consolidated various provisions regarding the taxation of income and corporation taxes. This Act provided a comprehensive framework for the collection and management of income tax from individuals, partnerships, trusts, and corporations.
The ICTA 1988 brought together numerous amendments and legislative changes that had accumulated over the years into one coherent statute. It aimed to simplify the tax code and clarify the rules around taxation to make them more understandable and accessible to taxpayers and practitioners alike.
The Income and Corporation Taxes Act 1988 was a cornerstone in the structure of tax law in the UK, setting out detailed rules for the assessment and collection of income and corporate taxes. While later superseded and incorporated into the Income Tax Act 2007 and subsequent legislation, ICTA 1988 laid the groundwork for the current tax system and influenced many aspects of how taxes are administered today.
