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(1) Where the income derived by a person from an interest in a retirement fund for a year of assessment is to be ascertained, the person doing the calculation shall,

(a) exclude from the income, a retirement payment made by a resident fund in respect of that interest and the payments excluded shall not be regarded as consideration received for that interest; and

(b) include in the income, a gain from an interest in a non-resident retirement fund.

(2) For purposes of this section, “gain from an interest in a nonretirement fund” means the extent to which the retirement payments made by the fund to a beneficiary in respect of an interest in the fund exceed the retirement contributions paid to the fund by the contributor or on behalf of the contributor in respect of the interest.