Clause 14

Section 37 of the principal Act is amended by inserting, immediately after subsection (7), the following subsection:“(8) The Minister may, where there is a substantial change in the shareholders of a company and he is satisfied that such change is not for the purpose of deriving any tax benefit or obtaining any tax advantage, exempt that company from the provisions of subsection (5); and upon such exemption the loss referred to in subsection (2)(a) incurred by that company may be deducted but only against profits from the same trade or business in respect of which that loss was incurred.”.