Section 14

by substituting for the word “two” in the proviso to subsection (1) the word “three”;

by substituting for subsection (3) the following:

“(3) Where a venture capital company incurs a loss on the disposal of shares in a venture company or on the liquidation of a venture company in the basis period for a year of assessment, such loss shall be allowed as a deduction under subsection 43(2) or 44(2) in computing the aggregate income or total income of the venture capital company, as the case may be.”; and

by substituting for the proviso to subsection (4) the following:

“Provided that where, by reason of an absence or insufficiency of such total income for that year of assessment, effect cannot be given or cannot be given in full to any deduction falling to be made to the venture capital company under this section for that year, that deduction which has not been so made shall be made to the company for any subsequent year of assessment.”.

13

Finance

Amendment of section 60E