12(1)  In these Regulations “foreign income”  means income arising, in the year in question, from a source outside the United Kingdom or from foreign holdings which is not–

(a)employment income;

(b)trading income; or

(c)investment income falling within regulation 10(1)(e).

This is subject to the following provisions of this regulation.

12(2)  The reference in paragraph (1) to “foreign holdings” shall be construed in accordance with section 571 of ITTOIA.

12(3)  In calculating the claimant's foreign income there shall be disregarded–

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