Related Commentary  

744(1)  References in section 743 (no duplication of charges) to an amount of income taken into account in charging income tax are to be read as follows.

744(2)  In the case of tax charged on income under section 720 (charge where income enjoyed as a result of relevant transactions)–

(a)if section 724(1) (benefit provided out of income of person abroad) applies, they are references to an amount of the income out of which the benefit is provided equal to the amount charged, and

(b)otherwise they are references to the amount of the income mentioned in section 721(2).

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