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of <h1>Dividend Deduction Limit Changed: Finance Act 1966 Amends Preference Shares Act 1960, Sets New Cap at 27.5% Plus 11%</h1> The Finance Act of 1966 amends the Preference Shares (Regulation of Dividends) Act, 1960. In section 4A, it replaces the previous limit on dividend deductions. Now, any deduction made by a company from dividends declared after February 28, 1966, cannot exceed 27.5% of the total of the stipulated dividend and an additional 11% of the stipulated dividend as outlined in subsection (3) of section 3.
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