318(1)  This section explains how section 316 works if–

(a)the transferor is a person within the charge to income tax and the transferee is a company within the charge to corporation tax, or

(b)the transferor is a company within the charge to corporation tax and the transferee is a person within the charge to income tax.

318(2)  Section 316 applies only for the purpose of determining–

(a)whether the person within the charge to income tax is entitled to a deduction (or part of a deduction) under section 315, and

(b)the amount of any such deduction.

318(3)  Accordingly, any reference to–

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