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3.—(1) Subject to the following provisions of these Regulations, a company carrying on a trade may by notice given to the inspector elect to have the basic profits and losses of the trade computed and expressed for the purposes of corporation tax in a specified local currency.
(2) A company may not make an election under this regulation for a trade for an accounting period if there is in force an election under regulation 4 for that accounting period and any part of that trade.
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