Regulation 3 Amendment of regulation 7 of the Principal Regulations

Regulation 7 of the Principal Regulations is amended as follows.

For paragraph (2)(b), substitute—

“(b)

the notifiable amount of whichever of the following sums is applicable in the circumstances—

(i)

the sum representing so much of the consideration given for goods or services sold or supplied by him as is to be applied for those purposes;

(ii)

the sum representing so much of any other proceeds of a promotional venture undertaken by him as is to be so applied; or

(iii)

the sum of the donations by him in connection with the sale or supply of any such goods or services which are to be so applied; and”.

After paragraph (2), insert—

“(3)

In this regulation, a reference to the “notifiable amount” in relation to any sum is a reference—

(a)

to the actual amount of the sum, if that is known at the time when the statement is made; and

(b)

otherwise to the estimated amount of the sum, calculated as accurately as is reasonably possible in the circumstances.”.