In main land UK in the main the immersion heater goes directly into a 40 gallon tank, either from the top or the side, from the top often a double element immersion heater is used, one element only heats top of tank the other goes deeper, with side entry two independent immersion heaters are often used one near bottom and one near the top again so whole tank is only heated when you want a bath.
The tank takes so long to heat and cool having a timed heat period is only really helpful if you have off peak power, and the timer you show is designed for off peak power.
There is another system however, common in Ulster but not seen much in the rest of UK, the Willis system as small tank is used for the immersion heater
- Willis-immersion.jpg (82.74 KiB) Viewed 2246 times
and this is plumbed into the main tank, it allows the water to be heated from the top down, seems mainland plumbers have not worked it out, only the Irish have the skill it seems, but it means time becomes important, the long it is on the further down the tank the water is heated, so 15 minutes for hand wash and 4 hours for a bath.
Unlikely you have Willis and the Economy 7 and Economy 10 systems seem to be some thing of the past except in Scotland. So in the main the immersion heater timer is a thing of the past, but there are some homes still with Economy 7 and Economy 10 systems so first thing is have you got Economy 7 or Economy 10?