(1) The Taxable Profits of a QFC Entity for an Accounting Period are the Chargeable Profits of that QFC Entity, as reduced by the set off of any tax losses and Group Relief under the provisions of Part 5.

(2) The Chargeable Profits of a QFC Entity for an Accounting Period are the Accounting Profits, as defined in Article 15, of that QFC Entity from its Licensed Activity and as adjusted by the provisions of these Regulations, excluding Part 5.