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Income tax is an annual tax on income that is levied a tax year basis. The tax year begins on 6 April and ends on the following 5 April¹.

For a discussion on the meaning of income, see E1.101.

The following persons are liable to pay income tax on their taxable income for the tax year, with the extent of the liability being dependent on their tax residence status:

1. Ìý

   •ÌýÌýÌýÌý individuals

2. Ìý

   •ÌýÌýÌýÌý trustees

3. Ìý

   •ÌýÌýÌýÌý personal representatives

4. Ìý

   •ÌýÌýÌýÌý companies

For further details, see E1.101.

The income tax calculation for individuals is prescribed by the steps in ITA 2007, s 23. This is discussed in detail, along with the tax resulting from any transition profits arising due to basis period reform, in E1.101B. The commentary below discusses the deductions from component income or total income that are made at Step 2 of the income tax calculation, before the deduction of the personal allowance.

For details of the income tax calculation for trustees, see I5.1003.