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“basis period” means the period on the profits or gains of which income tax is to be finally computed under Schedule D or, where by virtue of the Income Tax Acts the profits or gains of any other period are to be taken to be the profits or gains of that period, that other period.

(b) For the purposes of this section, in relation to interest which is to be taken into account in computing income chargeable to tax under Case I of Schedule D—

(a) would not be taken into account in computing the person’s income chargeable to tax under Schedule D for the earlier chargeable period, and