Ascertainment of income of investment holding company
10E.—(1)  Notwithstanding any other provisions of this Act, in determining the income of a company derived from any business of the making of investments the following provisions shall apply:
(a)any outgoings and expenses incurred by the company in respect of investments of that business which do not produce any income shall not be allowed as a deduction under section 14 for that business or other income of the company;
(b)any outgoings and expenses incurred by the company in respect of investments of that business which produce any income shall only be available as a deduction under section 14 against the income derived from such investments and any excess of such outgoings and expenses over such income in any year shall be disregarded; and
(c)the allowances under sections 19, 19A, 20 and 21 relating to that business shall only be available as a deduction against the income derived from investments of that business which produce any income and the balance of the allowances in any year shall be disregarded.
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(2)  In this section —
“business of the making of investments” includes the business of letting immovable properties;
“investments” means securities and immovable properties.
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