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Paragraph 265

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In section 646(2) (meaning of “relevant net earnings”)—

(a)

in paragraph (a) for “section 74(m), (p) or (q)” substitute “ section 51 of ITTOIA 2005 ”,

(b)

after that paragraph insert—

“(aa)

deductions in respect of any annuity or other annual payment (other than interest) payable out of his profits;”, and

(c)

in paragraph (bb) for “section 332(3) of this Act” substitute “ section 159 of ITTOIA 2005 ”.