There are rules to deal with the priority of relevant charging provisions.

Priority as between trade and property business provisions

The rules firstly deal with the priority of charges for income that falls, or would otherwise fall, under both the trading and property business provisions. These proceed as follows:

(1)Any receipt or other credit item, so far as it falls within Pt. 2, Ch. 2 ( profits of a trade, profession or vocation) and Pt. 3, Ch. 3 so far as it relates to a UK property business, is dealt with under Pt. 3.

(ITTOIA 2005, s. 4(1)).

(2)Any receipt or other credit item, so far as it falls within any of the following ITTOIA 2005, Pt. 3 sources:

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