Trading income or income taxed under ITEPA 2003

If a receipt potentially falls within both ITTOIA 2005, Pt. 2 (trading income) and ITEPA 2003, Pt. 2, 9 or 10 (respectively employment income, pension income or social security income) then the provisions of the Income Tax (Earnings and Pensions) Act 2003 (‘ITEPA 2003’) take priority (ITTOIA 2005, s. 4(2)).

Savings and investment income or charge under ITEPA 2003

If a receipt potentially falls within both ITTOIA 2005, Pt. 4 (savings and investment income) and ITEPA 2003, Pt. 2, 9 or 10 (respectively employment income, pension income or social security income) then the provisions of ITEPA 2003 take priority (ITTOIA 2005, s. 366(3)).

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