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Finance Act 1950

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2In sub-paragraph (3) of paragraph 7 of the said Part I (which provides that tax which can be allowed as a credit neither against income tax nor against the profits tax shall be allowed as a deduction in computing the amount of the income chargeable to the profits tax), after the words " the amount of the income," where they last occur, there shall, in relation to credit by way of unilateral relief, be deemed to be inserted the words

of the trade or business in question for the chargeable accounting period next following the period on the income of which the foreign tax was paid.

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