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Paragraph 7

Original text. Later amendments are not shown.

For Schedule 2 there shall be substituted the following Schedule:—

“SCHEDULE 2

TAXATION

1

In computing profits or losses for the purposes of the Income Tax (Guernsey) Law 1975, an existing bank and its successor shall be deemed to be a continuing concern and tax shall be computed, charged, collected and paid accordingly.

2

No transfer effected by section 3 above shall give rise to any liability to stamp duty or document duty within the meaning of section 1(1) of the Document Duty (Guernsey) Law 1973.”.