Commentary

A1.125 The meaning of 'annual'

Administration and compliance

A1.125 The meaning of 'annual'

A1.125 The meaning of 'annual'

Income tax is an annual tax in that it is imposed annually1. It is charged on annual income in the sense of the income of a year. This concept was to be found particularly in relation to Schedule D which charged to tax 'the annual profits or gains' arising from certain named sources2, and, 'all interest of money, annuities and other annual profits or gains' not charged under any other Schedule and not specially exempted from tax3. These concepts are not explicitly reproduced in the income tax charge post ITTOIA 2005. However, Pt 5 Ch

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial