Income Tax Act 2007 section 837G

Relationship of Chapter with other income tax provisions

Section 837G establishes the priority of this Chapter's income tax charge over any other income tax provisions when taxing winding-up receipts from a deposit-taking trade.

• Applies to winding-up receipts arising from a deposit-taking trade
• Where such a receipt is chargeable to income tax under this Chapter, it cannot also be charged under any other income tax provision
• Prevents the same receipt from being taxed twice under different provisions
• This Chapter takes priority over all other potential income tax charges on the same receipt