Paragraph 5
(1)
Paragraph 6 (restrictions on the deduction of pre-entry losses) is amended as follows.
(2)
In sub-paragraph (2)—
(a)
omit paragraph (a) (and the “and” after it), and
(b)
in paragraph (b), omit “in any other case”.
(3)
In sub-paragraph (3)—
(a)
omit paragraph (a) (and the “and” after it), and
(b)
in paragraph (b), omit “in the case of an election under sub-paragraph (2)(b) above,”.