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In computing for the purposes of the Tax Acts the profits or gains arising from the trade carried on by a contributory building society—
(a)to the extent that it would not be deductible apart from this paragraph, any sum expended or treated under section 29 as expended by the society in paying a contribution to the Fund may be deducted as an expense ; and
(b)any payment which is made or treated as made to the society by the Board under section 29(3) or (7) shall be treated as a trading receipt.
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