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(a) where the interest would not be chargeable to tax in the State had it been received by the owner or the beneficiary, as the case may be, at any time in the period commencing with the date of the sale or transfer of the right to receive the interest and ending on the date the interest was paid, or
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(b) where the owner or the beneficiary, as the case may be, is a person carrying on a trade, profession or business, the profits of which are chargeable to income tax or corporation tax computed in accordance with the provisions or principles applicable to Case I or Case II of Schedule D, and the consideration for the sale or transfer is taken into account in computing, for the purposes of assessment to income tax or corporation tax, the profits of that trade, profession or business.”.
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