Section 201 Provisions which must be given priority over this Part

United Kingdom

(1)

Any receipt or other credit item, so far as it falls within—

(a)

Chapter 2 of this Part (receipts of trade), and

(b)

Chapter 3 of Part 4 so far as it relates to a UK property business,

is dealt with under Chapter 3 of Part 4.

F1(1A)

Subsection (1) does not apply in the case of the long-term business of an insurance company.

(2)

Any receipt or other credit item, so far as it falls within—

(a)

this Part, and

(b)

Chapter 4 of Part 10 (income from holding an office),

is dealt with under Chapter 4 of Part 10.

Annotations

F1: S. 201(1A) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 145

C1: Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)