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of <h1>Removal of dividend tax credit for shareholders where company profits assessed as agricultural income-tax, limiting prior relief</h1> The provision, now omitted, formerly allowed a shareholder who received a dividend from a company whose profits were assessed to agricultural income-tax to obtain a reduction in the shareholder's income tax. The reduction equaled the lesser of (a) the shareholder's proportionate share of the agricultural tax paid by the company on those profits (net of any state refund) and (b) a cap based on the shareholder's income-tax liability (with a distinct rule where the shareholder was a company). An explanation treated any person chargeable on the dividend in place of the shareholder as the relevant taxpayer.
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