Clause 8

by deleting paragraph (c) of subsection (1) thereof;

by deleting the full-stop appearing at the end of paragraph (f) of subsection (1) thereof and substituting therefor a semi-colon;

by inserting immediately after paragraph (f) of subsection (1) thereof the following new paragraph: —“(g)any gains or profits of an income nature not falling within any of the preceding paragraphs.”;

by inserting immediately after subsection (1) thereof the following new subsection: —“(1A) For the purposes of paragraph (f) of subsection (1) of this section and of this subsection —

the expression “any other profits arising from property” shall be deemed to include the net annual value of property used by or on behalf of the owner for residential purposes and not for the purposes of gain or profit; and

the expression “net annual value of any property” shall mean the annual value of such property less the expenses of repair, insurance, interest, maintenance or upkeep and all public rates and taxes paid thereon:Provided that in respect of any one property which is occupied for residential purposes by the owner thereof, an amount not exceeding the net annual value or three thousand dollars whichever is the lower, shall not be deemed to be profits arising from property.”; and

by deleting subparagraph (ii) of paragraph (c) of subsection (2) thereof.