(1) Where in any accounting period a company receives franked investment income and the amount of that income is calculated in accordance with subsection (1) (a) of section 156, the company may on making a claim for the purpose require that the franked investment income or part of the franked investment income shall for all or any of the purposes mentioned in subsection (2) be treated as if it were a like amount of profits chargeable to corporation tax and, subject to subsections (4) and (5), the company shall be entitled to have paid to it the value of the tax credit comprised in the income or in the part of the income so treated.
(2) The purposes for which a claim may be made under subsection (1) shall be -
(a) the deduction of charges on income under section 243;
(b) the setting of certain capital allowances against total profits under section 308 (4);
(c) the setting of trading losses against total profits under section 396 (2).
(3) Where a company makes a claim under this sec