4. Annual charge.

Income tax is imposed annually1 by the Finance Acts and charged at the rates specified in those Acts. The Income Tax (Earnings and Pensions) Act 2003, the Income Tax (Trading and Other Income) Act 2005 and the Income Tax Act 2007, with which are to be read the supplementary and amending provisions of subsequent Finance Acts, besides classifying various types of income2 in respect of which the tax thus imposed is to be charged by reference to their nature and the source from which they are derived3, prescribe rules for the measurement of the income thereby charged. The Taxes