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7In the case of any payment in respect of which tax is chargeable under section thirty-seven of this Act, the following relief shall be allowed by way of deduction from the tax chargeable by virtue of that section, that is to say, there shall be ascertained—
(a)the amount of tax which would be chargeable apart from this paragraph in respect of the income of the holder or past holder of the office or employment for the year of assessment of which the payment is treated as income ;
(b)the amount of tax which would be so chargeable if the payment had not been made;
(c)the difference between the respective amounts of tax which would be so chargeable on the assumptions—
(i)that the appropriate fraction only of the payment (after deducting any relief applicable thereto under the foregoing provisions of this Schedule) had been made ; and
(ii)that no part of the payment had been made ;
and disregarding, in each case, any other emoluments of the office or employment;
and the amount to be deducted shall be the difference between the amount ascertained at (a) and the sum of the amount ascertained at (b) and the appropriate multiple of the difference ascertained at (c).
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