C1Part 3Trading income

Annotations:
Modifications etc. (not altering text)

Chapter 16Priority rules

201Provisions which must be given priority over this Part

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.

F11A

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.