Clause 3

by deleting the words “or 43J” wherever they appear in subsections (1), (2) and (8)(a) and substituting in each case the words “, 43J or 43K”; and

by inserting, immediately after subsection (8), the following subsection:“(9) This section shall not, in relation to any income of an insurance company which is subject to the concessionary rate of tax prescribed by regulations made under section 43C, apply to such part of the income ascertained under section 26(3A) as is apportioned to the policyholders of the company in accordance with those regulations.”.