Clause 10

by deleting “27%” in subsection (1) and substituting “26%”; and

by inserting, immediately after subsection (16), the following subsection:“(16A) Notwithstanding anything in this Act, where the tax on any dividend paid in 1996 has been deducted at the rate of 27% —

the amount of such dividend received by a shareholder shall be deemed to have been paid without deduction of tax and to be a dividend of such a gross amount as after deduction of tax at the rate of 26% would be equal to the net amount paid; and a sum equal to the difference between such gross amount and the net amount paid shall be deemed to have been deducted from the dividend as tax; and

the difference between the amount of the tax deducted at 27% from such dividend and the amount deemed to have been so deducted under paragraph (a) shall be added to the balance on the 1st day of the year of assessment 1997 and deemed to be a part thereof.”.