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Determination of income exempted from tax

Income Tax (Concessionary Rate of Tax for Approved Headquarters Company) Regulations

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—(1) In determining the income of an approved headquarters company to be exempted from tax under regulation 4 —(a)the Comptroller shall have regard to such expenses and capital allowances allowable under the Act as are, in his opinion, to be deducted in ascertaining such income;(b)there shall be deducted from that income any allowances under section 19, 19A, 20, 21 or 22 of the Act attributable to that income notwithstanding that no claim for those allowances has been made;(c)any balance of the allowances mentioned in sub-paragraph (b) and any losses incurred in respect of the provision of qualifying services approved under section 43E(3)(a) of the Act shall only be deducted against income to be exempted under regulation 4, and any balance of such allowances and losses shall not be deducted against any other income; and(d)any balance of the allowances and losses mentioned in sub-paragraph (c) remaining unabsorbed as at the end of the period for which the exemption from tax under regulation 4 is approved shall, subject to paragraph (2), be available as a deduction against any other income of the company for the year of assessment which relates to the basis period in which the tax exemption ceases and any subsequent year of assessment in accordance with section 23 or 37 of the Act, as the case may be.(2) Section 37B of the Act shall apply to any amount of the allowances and losses available as a deduction against any other income as provided under paragraph (1)(d) as if they were unabsorbed allowances or losses in respect of the concessionary income under that section.

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