4(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 a specified part of the trade computed and expressed for the purposes of corporation tax in a specified local currency.

4(2)  A company may make an election under this regulation–

(a)for a trade which it carries on, wholly or in part, through one or more overseas branches, or

(b)for a ring fence trade as respects which the condition mentioned in section 94A(2) of the 1993 Act is fulfilled,

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