(1) A payment for group relief—
(a) shall not be taken into account in computing profits or losses of either company for tax purposes; and
(b) shall not for the purposes of the Income Tax Act be regarded as a distribution or charge on income.
(2) In subsection (1) a “payment for group relief” means a payment made by the claimant company to the surrendering company under an agreement between them as respects an account surrendered by way of group relief, being payment not exceeding that amount.
(Inserted by Act 15 of 2003)