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(1)The references to gain and loss in sections 2 to 4 are to be read in accordance with this section.
(2)“Gain” and “loss”—
(a)extend only to gain or loss in money or other property;
(b)include any such gain or loss whether temporary or permanent;
and “property” means any property whether real or personal (including things in action and other intangible property).
(3)“Gain” includes a gain by keeping what one has, as well as a gain by getting what one does not have.
(4)“Loss” includes a loss by not getting what one might get, as well as a loss by parting with what one has.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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