(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.
Textual Amendments
F1Words 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)
F2Words 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)
F3Words 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 etc. (not altering text)
C1Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)