4

Income tax advantage” means—

a

a relief from income tax or increased relief from income tax,

b

a repayment of income tax or increased repayment of income tax,

c

the avoidance or reduction of a charge to income tax or an assessment to income tax, or

d

the avoidance of a possible assessment to income tax;

and for this purpose “relief from income tax” includes a tax credit.

4A

For the purposes of subsection (4)(c) and (d) it does not matter whether the avoidance or reduction is effected—

a

by receipts accruing in such a way that the recipient does not pay or bear income tax on them, or

b

by a deduction in calculating profits or gains.