Clause 19

by deleting the words “and interest” in paragraphs (a) and (b) of the proviso to subsection (2) and substituting in each case the words “, interest and gains or profits realised from the sale of investments”; and

by deleting paragraphs (c) and (d) of subsection (3B) and substituting the following paragraph:“(c)section 37B shall apply with the necessary modifications in relation to the deduction of allowances under section 19, 19A, 20, 21, 22 or 23 or losses under section 37 in respect of such part of the income of the company as is subject to tax at the rate of tax under section 43(1)(a) and of such part of the income of the company as is apportioned to the shareholders of the company in accordance with regulations made under section 43C; and for the purpose of such application any reference in section 37B to —

concessionary income shall be read as a reference to such part of the income of the company as is apportioned to the shareholders of the company in accordance with regulations made under section 43C; and

normal income shall be read as a reference to such part of the income of the company as is subject to tax at the rate of tax under section 43(1)(a);”.