Commentary on Sections Overview Chapter 12: Priority rules Section 699: Priority of this Part for corporation tax purposes
1936.This section provides that this Part has priority, as regards amounts brought into account in accordance with it in respect of any matter, over any corporation tax provision that would otherwise apply. It is based on paragraph 1(2) of Schedule 26 to FA 2002.
1937.This rule covers not only the case where an amount is dealt with under sections 573 or 574 but also a case to which Chapter 7 applies.
1938.Subsection (3) lists particular cases where the rule is disregarded.
1939.Section 700 deals with the case where Part 5 (loan relationships) has priority over this Part. If that Part applies to any amounts, those amounts are not in fact brought into account in accordance with this Part and so this section cannot apply.