Part VIIIIncome and Capital

Chapter VIILiable Relatives

Treatment of liable relative payments118

Subject to regulation 119 (disregard of payments treated as not relevant income) and except where regulation 124(1) (liable relative payments to be treated as capital) applies a payment shall—

a

to the extent that it is not a payment of income, be treated as income;

b

be taken into account in accordance with the following provisions of this Chapter.