Part 3

Trading income
Chapter 16

Priority rules

Provisions which must be given priority over this Part
201
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.
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.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)
S. 201(1A) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 145