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Regulation 10 Amendments to the Tax Credits (Definition and Calculation of Income) Regulations 2002

Original text. Later amendments are not shown.

(1)

At the end of regulation 12 (foreign income) add—

“(4)

Where an overseas property business (within the meaning of the Taxes Act) makes a loss to which the relief provisions of section 379A of the Taxes Act apply, by virtue of section 379B of that Act, then such relief as may arise under section 379A(1) shall be applied in calculating foreign income for the purposes of this regulation.”.