Part 2Basic provisions

Chapter 1Charges to income tax

3Overview of charges to income tax

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), F2...

e

Part 13 of this Act (tax avoidance)F3, and

f

Chapter 3A of Part 14 of this Act (banks etc in compulsory liquidation).

4Income tax an annual tax

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).

F15Income tax and companies

Section 3 of CTA 2009 disapplies the provisions of the Income Tax Acts relating to the charge to income tax in relation to income of a company (not accruing to it in a fiduciary or representative capacity) if—

a

the company is UK resident, or

b

the company is non-UK resident and the income is within its chargeable profits as defined by section 19 of that Act (profits attributable to its permanent establishment in the United Kingdom).