Clause 14

The principal Act is amended by renumbering section 46 as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) Notwithstanding subsection (1), where tax on any dividend paid in 1986 has been deducted at the rate of 40% the tax to be set off under subsection (1) shall be the sum deemed to be the tax deducted from such dividend under section 44(6A).”.