This is the original version (as it was originally enacted).
In computing for the purposes of the Tax Acts the profits or gains arising from the trade carried on by a contributory institution—
(a)to the extent that it would not be deductible apart from this section, any sum expended by the institution in paying a contribution to the Fund may be deducted as an allowable expense;
(b)any payment which is made to the institution by the Board under section 55 (2) above or pursuant to a scheme under section 63 (2) above shall be treated as a trading receipt.
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