Section 367 Priority between Chapters within Part 4C1

United Kingdom

(1)

Any income, so far as it falls within Chapter 2 (interest) and Chapter 8 (profits from deeply discounted securities), is dealt with under Chapter 8.

(2)

Any income, so far as it falls within Chapter 3 (dividends etc. from UK resident companies etc.) and another Chapter, is dealt with under Chapter 3 (but this is subject to subsection (3)).

(3)

Any income, so far as it falls within—

(a)

Chapter 2 (interest) as a result of section 372 (building society dividends) F1, 378A (offshore fund distributions) or 379 ( F2payments by registered societies or certain co-operatives ), and

(b)

Chapter 3 F3or Chapter 4 (or both),

is dealt with under Chapter 2.

Annotations

Textual amendments

F1: Words in s. 367(3)(a) inserted (with effect in accordance with s. 39(5) of the amending Act) by Finance Act 2009 (c. 10), s. 39(4)(a)
F2: Words in s. 367(3) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 93 (with Sch. 5)
F3: Words in s. 367(3)(b) inserted (with effect in accordance with s. 39(5) of the amending Act) by Finance Act 2009 (c. 10), s. 39(4)(b)

Modifications

C1: Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)