Resolved,

"That—

(a) where a dividend is paid without deduction of tax or without the full deduction of tax, the amount received shall be deemed for the purposes of the Income Tax Acts to be a net amount received in respect of a dividend from the gross amount of which there has been made such deduction as is authorised by Rule 20 of the General Rules;

(b) preference dividends paid without deduction of tax or without the full deduction of tax shall not be treated as preference dividends as defined by Sub-section (4) of Section twelve of the Finance Act, 1930;

(c) Sub-section (2) of Section seven of the Finance Act, 1931, shall apply to all dividends other than preference dividends as so defined;

(d) the foregoing provisions shall have effect with respect to the year 1939–40 and all subsequent years of assessment."