71. Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act.
(1) Schedule 24 of the Principal Act is amended -
(a) in paragraph 4(4), by the substitution for clauses (a) to (c) and the words "gain is reduced by virtue of - ", which immediately precede those clauses, of the following:
"gain -
(a) is charged at the rate specified in section 21A, the rate of corporation tax payable by the company on its income and chargeable gains for the relevant accounting period shall be the rate so specified,
(b) is reduced by virtue of section 448 by any fraction, the rate of tax payable by the company on its income and chargeable gains for the relevant accounting period shall be treated as reduced by that fraction,
(c) is to be computed in accordance with section 713(3) or 738(2), the rate of corporation tax payable by the company on its income and chargeable gains for the relevant accounting period shall be treated as the standard rate of income tax,
(d) is to be computed in accordance with section 723(6), the rate of corporation tax payable by the company on its income and chargeable gains for the relevant accounting period shall be treated as 20 per cent,
(e) is reduced by virtue of section 644B, the rate of corporation tax payable by the company on its income and chargeable gains for the relevant accounting period shall be treated as reduced by that fraction,",
and