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Part 2 U.K.Basic provisions

Chapter 1U.K.Charges to income tax

3Overview of charges to income taxU.K.

(1)Income tax is charged under—

(a)Part 2 of ITEPA 2003 (employment income),

(b)Part 9 of ITEPA 2003 (pension income),

(c)Part 10 of ITEPA 2003 (social security income),

(d)Part 2 of ITTOIA 2005 (trading income),

(e)Part 3 of ITTOIA 2005 (property income),

(f)Part 4 of ITTOIA 2005 (savings and investment income), and

(g)Part 5 of ITTOIA 2005 (miscellaneous income).

(2)Income tax is also charged under other provisions, including—

(a)Chapter 5 of Part 4 of FA 2004 (registered pension schemes: tax charges),

(b)section 7 of F(No.2)A 2005 (social security pension lump sums),

(c)Part 10 of this Act (special rules about charitable trusts etc),

(d)Chapter 2 of Part 12 of this Act (accrued income profits), and

(e)Part 13 of this Act (tax avoidance).

4Income tax an annual taxU.K.

(1)Income tax is charged for a year only if an Act so provides.

(2)A year for which income tax is charged is called a “tax year”.

(3)A tax year begins on 6 April and ends on the following 5 April.

(4)The tax year 2007-08” means the tax year beginning on 6 April 2007 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way).

(5)Every assessment to income tax must be made for a tax year.

(6)Subsection (5) is subject to Chapter 15 of Part 15 (by virtue of which an assessment may relate to a return period).

5Income tax and companiesU.K.

(1)Income tax is not charged on income of a company so far as the company is within the charge to corporation tax in respect of the income.

(2)See in particular sections 6(2) and 11(1) of ICTA for the circumstances in which a company is within the charge to corporation tax in respect of its income.