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11. The applicable turnover of an enterprise which is a credit institution or financial institution shall be limited to the sum of the following income as defined in Council Directive (EEC) 86/635(1) received by the branch or division of that institution established in the United Kingdom after deduction of value added tax and other taxes directly related to those items:
(a)interest income and similar income;
(b)income from securities:
income from shares and other variable yield securities;
income from participating interests;
income from shares in affiliated undertakings;
(c)commissions receivable;
(d)net profit on financial operations;
(e)other operating income.
OJ No. L372, 31.12.86, p. 1.
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