Corporation Tax Act 2009 section 201

Provisions which must be given priority over this Part

Section 201 establishes priority rules for determining which tax provisions take precedence when a receipt or credit item could potentially be taxed under more than one heading.

• Where a trade receipt also falls within the rules for a UK property business, the UK property business rules take priority and the item is taxed under those provisions instead.
• The UK property business priority rule does not apply to the long-term business of an insurance company, which follows its own specific regime.
• Where any receipt or credit item falls within both the trading income rules and the rules for income from holding an office, the office-holding income rules take priority.
• These priority rules prevent the same income from being taxed twice by directing it to the appropriate charging provision when overlap arises.