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Allowance in respect of mills, factories, &c.
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18.—(1) In estimating the amount of annual profits or gains arising or accruing from any trade the profits of which are chargeable to tax under Case I. of Schedule D, there shall, notwithstanding anything in Rule 5 of the rules applicable to Cases I. and II. of Schedule D, be allowed tobe deducted, as expenses incurred in any year, on account of any mills, factories, or similar premises owned by the person carrying on such trade and occupied by him for the purposes of the said trade, and situate ourside the United Kingdom, a deduction equal to one-sixth of the annual value of those premises.
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(2) In estimating the profits for any year of any of the concerns enumerated in Rules 1, 2, and 3 of No. III. of the rules applicable to Schedule A, there shall be allowed to be deducted, as expenses incurred in any year, on account of any mills, factories, or similar premises owned by the person carrying on the concern, and occupied by him for the purposes of such concern, a deduction equal to one-sixth of the annual value of those premises.
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