This is the 7th Edition of John Tiley's major text on revenue law, now massively restructured to focus upon the UK Tax system, Income Tax, Capital Gains Tax, and Inheritance Tax. What were previously sections dealing with Corporation Tax, International and European Tax, Savings and Charities have been spun-off to an entirely new book entitled Advanced Topics in Revenue Law. While this narrowing of the scope of Revenue Law means that it focuses on the most important UK taxes, its reduced size also makes it a more manageable and portable volume for law students and practitioners. As with previous editions, the text has been revised to incorporate changes wrought by new enactments in the past four years. This, however, remains the only book on tax law which continues to explain the new law found in ITEPA, ITTOIA and ITA in light of its legislative predecessors, with references to the former enactments still remaining where relevant. Those familiar with the old law of income tax but wanting to find their way round the new will find this work particularly valuable. The book is designed for law students taking the subject in the final year of their law degree course or for more advanced courses and is intended to be of interest to all who enjoy tax law. Its purpose is not only to provide an account of the rules but to include citation of the relevant literature from legal periodicals and some discussion of, or reference to, the background material in terms of policy, history or other countries' tax systems.

Preface List of AbbreviationsTable of CasesPART I INTRODUCTION TO UK TAX LAW1 Definitions and Theories 2 Jurisdiction: The Taxing Power 3 Sources 4 The Setting of the Tax System 5 Tax Avoidance PART II INCOME TAX 6 Historical Introduction 7 Income Tax: Basic Concepts 8 The Tax Unit 9 Taxation and Social Security 10 Deductions and Credits for Taxpayer Expenditure and Losses 11 Personal Reliefs and Tax Reductions 12 Calculations 13 Employment Income: Scope and PAYE 14 Employment Income: Emoluments/Earnings 15 Benefits in Kind, s 62, the Benefits Code Part I: Exemptions and Exclusions 16 Benefits Code II: Not Low Paid Employees 17 Employment Share Schemes: A Brief Overview 18 Employment Income: Deductions and Expenses 19 Business Income-Part I: Scope 20 Business Income-Part II: Basis of Assessment and Loss Relief 21 Business Income-Part III: Principles and Receipts 22 Business Income-Part IV: Trading Expenses 23 Business Income-Part V: Timing and Trading Stock (Inventory) 24 Capital Allowances: A Brief Overview 25 Income from Land in the United Kingdom 26 Savings Income: Interest and Premium, Bond and Discount27 Miscellaneous Income Including Annual Payments28 Income not Otherwise Charged29 Trusts30 Death and Estates31 Income Splitting: Arrangements and Settlements PART III CAPITAL GAINS TAX32 Introduction and Policy 33 Structure and Elements 34 Assets 35 Disposals: (1) General 36 Disposals: (2) Gifts, Bargains Not at Arm's Length and Other Gratuitous Transactions 37 Leases 38 Options 39 Death40 Trusts 41 Shares, Securities and other Fungible Assets 42 CGT and Business 43 Computation of Gains PART IV INHERITANCE TAX44 Inheritance Tax: Introduction 45 Transfers of Value by Disposition 46 Death 47 Gifts with Reservation 48 Settled Property: Introduction 49 Trusts with Interests in Possession 50 Relevant Property Trusts with No Qualifying Interest in Possession 51 Favoured Trusts 52 Companies 53 Exempt Transferees: Conditions and Allocation Where Partly Exempt 54 Particular Types of Property 55 Valuation: Rules, Charges and Reliefs 56 Accountability and Administration 57 Incidence of Tax 58 InternationalIndex