Clause 5

by deleting subsection (1) and substituting the following subsection:“(1) Where at any time —

during the tax relief period for a pioneer product of a pioneer enterprise; or

where the pioneer certificate issued to a pioneer enterprise specifies 2 or more pioneer products, during the longer or longest of the tax relief periods for those pioneer products,the pioneer enterprise carries on any trade or business other than the old trade or business in respect of that product or those products (called in this section separate trade or business), separate accounts must be maintained for that separate trade or business and in respect of the same accounting period.”;

by deleting the words “results in a loss in any accounting period, the loss shall be brought into the computation of the income of the pioneer enterprise” in subsection (2) and substituting the words “or business results in a loss in any accounting period, the loss must be brought into the computation of the income of the pioneer enterprise from the old trade or business”;

by inserting, immediately after the words “separate trade” in subsection (3), the words “or business”; (d)by inserting, immediately after the words “pioneer enterprise” in subsection (3), the words “from the old trade or business”; and

by deleting subsections (4) and (5) and substituting the following subsection:“(4) Where, in the opinion of the Comptroller, the carrying on of such separate trade or business is subordinate and incidental to the carrying on of the old trade or business, the income or loss arising from such separate trade or business is considered to form part of the income or loss of the pioneer enterprise from that old trade or business.”.