Income Tax Act, 1967.

Limitation of deductions for certain taxes.

108.—As respects the computation of income for the purposes of income tax for any year of assessment, any deduction which, but for this section, would be allowable for the tax in the United Kingdom known as profits tax shall be reduced by an amount equal to so much of that tax as can, under section 21 of the Finance Act, 1949 , be allowed as a credit against corporation profits tax.