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(1)Group relief for an accounting period shall be allowed as a deduction against the claimant company’s total profits for the period—
(a)before reduction by any relief derived from a subsequent accounting period, but
(b)as reduced by any other relief from tax (including relief in respect of charges on income under section 338(1)) determined on the assumption that the company makes all relevant claims under section 393(2) of this Act and section 74(3) of the 1968 Act (set-off of capital allowances against total profits).
(2)For the purposes of this section “relief derived from a subsequent accounting period” means—
(a)relief under section 393(2) or 394 in respect of a loss incurred in an accounting period after the accounting period the profits of which are being computed; and
(b)relief under section 74(3) of the 1968 Act in respect of capital allowances falling to be made for an accounting period after the accounting period the profits of which are being computed.
(3)The reductions to be made in total profits of an accounting period against which any relief derived from a subsequent accounting period is to be set off shall include any group relief for that first-mentioned accounting period.
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