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“relevant corporation tax”, in relation to an accounting period, means the corporation tax (other than an amount which by virtue of sections 239, 241, 440 and 441 is to be treated as corporation tax of an accounting period) which, apart from this paragraph, paragraph 18 and section 448, would be chargeable for the accounting period exclusive of the corporation tax chargeable on the part of the company’s profits attributable to chargeable gains for that period, and that part shall be taken to be the amount brought into the company’s profits for that period for the purposes of corporation tax in respect of chargeable gains before any deduction for charges on income, expenses of management or other amounts which can be deducted from or set against or treated as reducing profits of more than one description.

(ii) where the corporation tax payable by the company for an accounting period is reduced by virtue of a claim under section 448(2), the relief to be given under this paragraph for the accounting period shall be reduced in the same proportion as the corporation tax payable by the company for the accounting period in so far as it is attributable to the income from the trade is so reduced; and the corporation tax attributable to the income from the trade shall be an amount equal to the same proportion of the relevant corporation tax for the accounting period as the income from the trade for the accounting period bears to the total income brought into charge to corporation tax.

A is the amount of corporation tax which, apart from paragraph 16, this paragraph and section 448, is chargeable for the accounting period,

C is the amount of corporation tax which, apart from paragraph 16, this paragraph and section 448, would be chargeable for the accounting period if the amount of the company’s income for the accounting period were reduced by the appropriate amount, and

A is the amount of corporation tax which, apart from this paragraph and section 448, is chargeable for the accounting period, and

B is the amount of corporation tax which, apart from this paragraph and section 448, would be chargeable for the accounting period if the amount of the company’s income for the accounting period were reduced by the appropriate amount.

(c) Notwithstanding clause (b) Notwithstanding clauses (b) and (bb), where the corporation tax payable by a company for an accounting period is reduced by virtue of a claim under section 448(2), the amount of relief to be allowed under the preceding provisions of this paragraph shall be reduced in the same proportion which the amount by which the corporation tax referable to the income from the sale of goods (within the meaning of section 448) for that accounting period is so reduced bears to the relevant corporation tax, and for the purposes of this clause “relevant corporation tax” has the same meaning as in paragraph 16.

(c) Notwithstanding clause (b) Notwithstanding clauses (b) and (bb), where the corporation tax payable by a company for an accounting period is reduced by virtue of a claim under section 448(2), the amount of relief to be allowed under the preceding provisions of this paragraph shall be reduced in the same proportion which the amount by which the corporation tax referable to the income from the sale of goods (within the meaning of section 448) for that accounting period is so reduced bears to the relevant corporation tax, and for the purposes of this clause “relevant corporation tax” has the same meaning as in paragraph 16.

S is the amount of the corporation tax which, before any set-off of or credit for tax, including foreign tax, and after any relief under section 448 or paragraph 16 or 18 of Schedule 32, or section 58 of the Corporation Tax Act, 1976, is chargeable for the accounting period, exclusive of the corporation tax, before any credit for foreign tax, chargeable on the part of the company’s profits attributable to chargeable gains for that period; and that part shall be taken to be the amount brought into the company’s profits for that period for the purposes of corporation tax in respect of chargeable gains before any deduction for charges on income, expenses of management or other amounts which can be deducted from or set against or treated as reducing profits of more than one description, and