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(d) any allowances in respect of any such trade under Chapter III of Part XIV of the Income Tax Act, 1967, which under section 14 of the Corporation Tax Act, 1976, were to be made in taxing the trade for the purposes of corporation tax for any accounting period in the specified period,

(d) any allowances in respect of any such trade under Chapter III of Part XIV of the Income Tax Act, 1967, which under section 14 of the Corporation Tax Act, 1976, were to be made in taxing the trade for the purposes of corporation tax for any accounting period in the specified period,

(a) the income tax actually paid by the company for any year of assessment (not being a year of assessment after the year 1975-76) in the specified period, including any surtax borne by the company under section 530 of, and Schedule 16 to, the Income Tax Act, 1967,

but where relief has been afforded to the company under section 360 of the Income Tax Act, 1967, or under section 826or 833, references in this subparagraph to tax actually borne or to tax payable shall be construed as references to the tax which would have been borne or payable if that relief had not been given.

(c) any allowances for any year of assessment (not being a year of assessment after the year 1975-76) in the specified period in respect of any such trade under sections 241, 244(3) and 245, Chapter III of Part XIV, and Parts XV and XVI, of the Income Tax Act, 1967,

(d) any allowances in respect of any such trade under Chapter III of Part XIV of the Income Tax Act, 1967, which under section 14 of the Corporation Tax Act, 1976, were to be made in taxing the trade for the purposes of corporation tax for any accounting period in the specified period,

(ii) any amount in respect of which repayment was made under section 496 of the Income Tax Act, 1967, for any year of assessment in the specified period, and

(i) on or before the 5th day of April, 1976, a dividend which if the company had been engaged in such a trade would have been required by section 371(1) of the Income Tax Act, 1967, to be taken into account to any extent mentioned in that section, such amount as would, after deduction of income tax at the rate authorised by section 456 of that Act, be equal to the amount which would have been so required to be taken into account,

(a) the income tax actually paid by the company for any year of assessment (not being a year of assessment after the year 1975-76) in the specified period, including any surtax borne by the company under section 530 of, and Schedule 16 to, the Income Tax Act, 1967,

(c) any allowances for any year of assessment (not being a year of assessment after the year 1975-76) in the specified period in respect of any such trade under sections 241, 244(3) and 245, Chapter III of Part XIV, and Parts XV and XVI, of the Income Tax Act, 1967,

(c) any allowances for any year of assessment (not being a year of assessment after the year 1975-76) in the specified period in respect of any such trade under sections 241, 244(3) and 245, Chapter III of Part XIV, and Parts XV and XVI, of the Income Tax Act, 1967,

(c) any allowances for any year of assessment (not being a year of assessment after the year 1975-76) in the specified period in respect of any such trade under sections 241, 244(3) and 245, Chapter III of Part XIV, and Parts XV and XVI, of the Income Tax Act, 1967,

but where relief has been afforded to the company under section 360 of the Income Tax Act, 1967, or under section 826or 833, references in this subparagraph to tax actually borne or to tax payable shall be construed as references to the tax which would have been borne or payable if that relief had not been given.

(i) on or before the 5th day of April, 1976, a dividend which if the company had been engaged in such a trade would have been required by section 371(1) of the Income Tax Act, 1967, to be taken into account to any extent mentioned in that section, such amount as would, after deduction of income tax at the rate authorised by section 456 of that Act, be equal to the amount which would have been so required to be taken into account,

(i) on or before the 5th day of April, 1976, a dividend which if the company had been engaged in such a trade would have been required by section 371(1) of the Income Tax Act, 1967, to be taken into account to any extent mentioned in that section, such amount as would, after deduction of income tax at the rate authorised by section 456 of that Act, be equal to the amount which would have been so required to be taken into account,

(ii) any amount in respect of which repayment was made under section 496 of the Income Tax Act, 1967, for any year of assessment in the specified period, and

(a) the income tax actually paid by the company for any year of assessment (not being a year of assessment after the year 1975-76) in the specified period, including any surtax borne by the company under section 530 of, and Schedule 16 to, the Income Tax Act, 1967,

so however that where the securities are of the description specified in paragraph 4 of Schedule 21, the amount shall be the amount of the reduction,

(a) any profits or gains arising in the specified period from any trade carried on by the company computed in accordance with the provisions applicable to Case I of Schedule D,

(a) any loss sustained by the company in the specified period in any trade referred to in subparagraph (2)(a) (computed in the same manner as profits or gains under the provisions applicable to Case I of Schedule D),

(ii) after the 5th day of April, 1976, a distribution within the meaning of Chapter 2 of Part 6 which if the company had been engaged in such a trade would have been required by section 752(3) to be taken into account to any extent mentioned in that section, an amount equal to so much of the distribution as would be so required to be taken into account increased by so much of the tax credit in respect of that distribution as bears to the amount of such tax credit the same proportion as the part of the distribution which would be so required to be taken into account bears to the distribution, and

(ii) after the 5th day of April, 1976, a distribution within the meaning of Chapter 2 of Part 6 which if the company had been engaged in such a trade would have been required by section 752(3) to be taken into account to any extent mentioned in that section, an amount equal to so much of the distribution as would be so required to be taken into account increased by so much of the tax credit in respect of that distribution as bears to the amount of such tax credit the same proportion as the part of the distribution which would be so required to be taken into account bears to the distribution, and

(f) (i) any payments made by the company in the specified period to which section 237 or 238 applies, other than payments which are deductible in computing the profits or gains or losses of a trade carried on by the company,

(f) (i) any payments made by the company in the specified period to which section 237 or 238 applies, other than payments which are deductible in computing the profits or gains or losses of a trade carried on by the company,

(iii) any charges on income which under section 243(2) are to be allowed as deductions against the total profits for any accounting period in the specified period,

(e) any allowances in respect of any such trade under Part 9, section 670, Chapter 1 of Part 29 or subsection (1) or (2) of section 765, which under section 307 are to be made in taxing the trade for the purpose of corporation tax for any accounting period in the specified period,

(e) any allowances in respect of any such trade under Part 9, section 670, Chapter 1 of Part 29 or subsection (1) or (2) of section 765, which under section 307 are to be made in taxing the trade for the purpose of corporation tax for any accounting period in the specified period,

(b) any group relief given to the company in accordance with Chapter 5 of Part 12 for any accounting period in the specified period,

(b) any group relief given to the company in accordance with Chapter 5 of Part 12 for any accounting period in the specified period,

(c) the corporation tax (including corporation tax charged by virtue of sections 440 and 441) payable by the company for any accounting period in the specified period, and for this purpose the tax credit comprised in any franked investment income shall be treated as corporation tax payable by the company for the accounting period in which the distribution was received, and

(c) the corporation tax (including corporation tax charged by virtue of sections 440 and 441) payable by the company for any accounting period in the specified period, and for this purpose the tax credit comprised in any franked investment income shall be treated as corporation tax payable by the company for the accounting period in which the distribution was received, and

(e) any allowances in respect of any such trade under Part 9, section 670, Chapter 1 of Part 29 or subsection (1) or (2) of section 765, which under section 307 are to be made in taxing the trade for the purpose of corporation tax for any accounting period in the specified period,

Sections 749 and 752

(h) if the company is not engaged in carrying on a trade mentioned in section 752(3), but were it so engaged any reduction under section 749 would, or would but for section 749(3), be made as respects the price paid by the company for securities (within the meaning of that section) bought by it in the period—

(h) if the company is not engaged in carrying on a trade mentioned in section 752(3), but were it so engaged any reduction under section 749 would, or would but for section 749(3), be made as respects the price paid by the company for securities (within the meaning of that section) bought by it in the period—

Sections 749 and 752

(1) Subject to paragraph 2, a dividend shall be regarded for the purposes of section 752 and of this Schedule as paid wholly out of profits accumulated before a given date (in this Schedule referred to as “the relevant date”) if—

(2) Subject to paragraph 2, where out of such profits of the company as arose in the period beginning on the relevant date and ending on the date on which the dividend is payable, some part is, having regard to paragraph 3, available for payment of the dividend but the total amount distributed in payment of the net dividend on all the shares of the class in question exceeds that part of the profits, the dividend shall be regarded for the purposes of section 752 and of this Schedule as paid out of profits accumulated before the relevant date to an extent which is the same as the proportion which the excess bears to that total amount.

(g) if the company is not engaged in carrying on a trade mentioned in section 752(3) and has received in the period—

(ii) after the 5th day of April, 1976, a distribution within the meaning of Chapter 2 of Part 6 which if the company had been engaged in such a trade would have been required by section 752(3) to be taken into account to any extent mentioned in that section, an amount equal to so much of the distribution as would be so required to be taken into account increased by so much of the tax credit in respect of that distribution as bears to the amount of such tax credit the same proportion as the part of the distribution which would be so required to be taken into account bears to the distribution, and

(h) if the company is not engaged in carrying on a trade mentioned in section 752(3), but were it so engaged any reduction under section 749 would, or would but for section 749(3), be made as respects the price paid by the company for securities (within the meaning of that section) bought by it in the period—

(e) any allowances in respect of any such trade under Part 9, section 670, Chapter 1 of Part 29 or subsection (1) or (2) of section 765, which under section 307 are to be made in taxing the trade for the purpose of corporation tax for any accounting period in the specified period,

(e) any allowances in respect of any such trade under Part 9, section 670, Chapter 1 of Part 29 or subsection (1) or (2) of section 765, which under section 307 are to be made in taxing the trade for the purpose of corporation tax for any accounting period in the specified period,

(e) any allowances in respect of any such trade under Part 9, section 670, Chapter 1 of Part 29 or subsection (1) or (2) of section 765, which under section 307 are to be made in taxing the trade for the purpose of corporation tax for any accounting period in the specified period,

but where relief has been afforded to the company under section 360 of the Income Tax Act, 1967, or under section 826or 833, references in this subparagraph to tax actually borne or to tax payable shall be construed as references to the tax which would have been borne or payable if that relief had not been given.