Income Tax Act 2007 section 4

Income tax an annual tax

Section 4 establishes that income tax is an annual charge, defines the tax year, and requires all assessments to be made for a tax year.

• Income tax can only be charged for a year if an Act of Parliament specifically authorises it.
• The tax year runs from 6 April to the following 5 April, so "the tax year 2007-08" means the year beginning 6 April 2007.
• Every assessment to income tax must be made for a specific tax year.
• An exception exists under Chapter 15 of Part 15, which allows an assessment to relate to a return period rather than a full tax year.