Section 36
Section 25 of the principal Act is amended —
(a)
by deleting subsection (3);
(b)
in subsection (4), by deleting the proviso; and
(c)
by inserting after subsection (4) the following subsection:
“(5) Notwithstanding subsection (4), the deduction which has not been so made (or so much thereof as has not been so made) for a year of assessment under that subsection, shall only be made to that company in accordance with that subsection for a period of seven consecutive years of assessment and that period
34
commences immediately following the year of assessment that relates to the basis period in which the day the post pioneer business falls, and any amount of deduction at the end of that period which has not been so made to that company, by reason of insufficiency or absence of statutory income for that period, shall be disregarded for the purpose of this section.”.