The fiscal year is the year beginning on the 6th of April in one year and ending on the 5th of April in the next. Income tax, capital-gains tax, and annual allowances for inheritance tax are calculated for fiscal years, and the UK Budget estimates refer to the fiscal year. In the USA it runs from 1st of July to the following 30th of June. The fiscal year is sometimes called the tax year or the year of assessment. Research Fiscal Year