Income Tax (Trading and Other Income) Act 2005 section 575

Provisions which must be given priority over Part 5

Section 575 establishes the priority rules that determine which part of the tax legislation takes precedence when income could potentially be taxed under Part 5 (miscellaneous income) and also under another charging provision.

• If income falls within both Part 5 and the rules for trading income (Part 2), it is taxed as a trade receipt under Part 2, not under Part 5.
• If income falls within both Part 5 and the rules for UK property business income (Part 3), it is taxed as a property business receipt under Part 3, not under Part 5.
• If income falls within both Part 5 and the rules for interest or dividends from UK resident companies (Part 4, Chapters 2 or 3), it is taxed under the relevant chapter of Part 4, not under Part 5.
• If income falls within both Part 5 and the employment, pension or social security income provisions of ITEPA 2003 (Parts 2, 9 or 10), it is taxed under the relevant part of ITEPA 2003, not under Part 5.