(1) Section 434 of the Principal Act is amended -
(a) in subsection (1) -
(i) by the substitution of the following for the definition of "distributable income":
"'distributable income' means the aggregate of the amounts of the distributable trading income and distributable estate and investment income;",
(ii) by the insertion after the definition of "estate income" of the following:
"'franked investment income' excludes -
(a) a distribution made out of exempt profits within the meaning of section 140,
(b) a distribution made out of disregarded income within the meaning of section 141 and to which subsection (3)(a) of that section applies, and
(c) a distribution made out of exempted income within the meaning of section 142;
'income' of a company for an accounting period means the income as computed in accordance with subsection (4);",
and
(iii) by the insertion of the following after the definition of "investment income":
"'relevant charges', in relation to an accounting period of a com
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