Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

UK income tax: practitioner overview of individuals, trusts and estates—rates, allowances, collection (PAYE/self-assessment), codes, devolved variations, compliance, HMRC enquiries, and overseas non-domicile reforms to 2025–26

Published by a LexisNexis Private Client expert

Practice notes

Originally authored by Paul Seal, this Practice Note is presently overseen by LexisNexis®. Its purpose is to outline, at a high level, how the tax framework operates and how it connects to income. It does not attempt to address every complexity of the UK income tax regime. Topics are considered in broad terms and this Practice Note does not cover employment taxes or Share incentive arrangements. For broader background, consult the Income tax subtopic, and for the rates and allowances in force for the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private Client. The coverage is intentionally general and not exhaustive of intricate rules throughout. Income tax applies to specified individuals on defined types of income, apportioned across tax years to establish the rates due.

The tax year

The tax year, or year of assessment, runs from 6 April to 5 April. A given tax year is identified by referencing the calendar year in which it begins and the calendar year in which it ends; for example, the year spanning 6 April 2021 to 5 April 2022 is referred to as 2021–22.

Who is chargeable to income tax?

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Web page updated on 22/05/2026

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