S.L. 123.101 Art. 4Calculation of amount of profit.

For the purpose of rule 3, the amount of profits the tax chargeable on which has been relieved by any tax credits referred to in the said rule 3 shall be calculated by dividing the amount of the tax credit by the rate or rates of tax at which the company’s chargeable income is chargeable, and where such chargeable income has been taxed at different rates of tax the tax credit shall first be deemed to have relieved that part of the chargeable income which has been taxed at the lowest rate.