This comprehensive and popular annual textbook, now in its 27th edition, provides students of UK taxation with a thorough knowledge of: income tax; corporation tax; capital gains tax; inheritance tax; and value added tax. The book provides numerous illustrative examples of the practical operation of statute and case law and provides a wide variety of end-of-chapter questions for self learning. The book is aimed at students studying for both University degree programmes incorporating courses in UK taxation and also students studying tax courses for professional qualifications in accounting, banking, management and taxation. Past exam questions, with solutions, are provided in the text from the ACCA, CIMA and CIOT examinations. It is also suitable for others needing to learn more of the detail of the UK tax system. This edition has been updated for all those provisions of the Finance Act 2008 that relate to the tax year 2008/09. In particular, it incorporates all the changes to the personal tax rates, allowances and reliefs, together with changes for capital gains tax and entrepreneurial relief, capital allowances, 10% starting rate tax band removal, employment tax rule changes, and VAT changes.