Section 201 | Provisions 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.

(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.