Comptroller to determine amount of income to be exempted
3.—(1) The amount of the income to be exempted from tax under regulation 2(2) shall be determined by the Comptroller, having regard to such expenses, capital allowances and donations allowable under the Act as are, in his opinion, to be deducted in ascertaining the income to be exempted.
(2) In determining the amount of the income to be exempted, any loss incurred in respect of an approved syndicated offshore credit or underwriting facility, or syndicated guarantee facility or any capital allowances attributable to that income shall only be deducted against income to be exempted under regulation 2(2), and any balance of such loss or capital allowances shall not be available as a deduction against any other income.